Weatherford to pay $140 million fine to settle allegations of accounting fraud

The SEC alleged that Weatherford fraudulently lowered its income tax provisions by $100 million to $154 million each year to better match its earlier projections and analysts’ expectations. The fraud created the false perception that Weatherford’s tax structure was far more successful than reality. Weatherford had to restate its financial statements on three occasions in 2011 and 2012.
Source: FuelFix