Monday, June 6, 2011

Halliburton (HAL) falls 4.46% - 6/6/11

Halliburton fell 4.46% to $48.04 after news that the Supreme Court is reinstating a 2002 lawsuit by a group of investors was released. The investors claimed that Halliburton misled them by understating its asbestos liabilities and overstating its revenues from certain construction contracts and benefits from its 1998 merger with Dresser Industries. These resulted in an artificial increase in the stock price. When the company made corrective disclosures the stock price fell. The suit covers investors that purchased HAL stocks between June 3, 1999 and December 7, 2001. Halliburton does not believe that a loss is probable.

-Alex Perez

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