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Halliburton to Settle Class Action Lawsuit for $100 Million

Halliburton Co.HAL recently declared that it has entered into an agreement to settle a 14-year old securities lawsuit for $100 million.

The Erica P. John Fund class action lawsuit was originally filed in 2002 in the United States District Court for the Northern District of Texas, accusing Halliburton of misrepresenting its potential liability in an asbestos litigation. Also, the lawsuit was filed in connection with slips in accounting for long-term construction projects and the exaggerated benefits of a merger entered in 1998.

Under the terms of the agreement, Halliburton will fund approximately $54 million of the $100 million settlement fund, and its insurer will fund the remainder.

Houston, TX-based Halliburton is one of the largest oilfield service providers in the world. It offers a variety of equipment, maintenance, and engineering and construction services to the energy, industrial, and government sectors.

Year to date, the Zacks categorized Oil and Gas Field Services industry has registered an impressive growth of 31.13%. However, the Halliburton stock has outperformed the industry by gaining 59.88%.

Halliburton currently carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.

Some better-ranked players from the broader energy sector include Braskem S.A. BAK , Suncor Energy SU and McDermott International Inc. MDR . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.

Suncor, on the other hand, delivered an average positive earnings surprise of 40.55% in the last four quarters.

In the last four quarters, McDermott posted an average positive earnings surprise of 250.00%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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