NEW YORK–(BUSINESS WIRE)–$TUSK #classaction–The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Western District of Oklahoma on
behalf of those who acquired Mammoth Energy Services, Inc. (“Mammoth” or
the “Company”) (NASDAQ: TUSK)
securities during the period from October 19, 2017 to June 5, 2019 (the
“Class Period”). Investors have until August 6, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Mammoth made false and/or misleading statements
and/or failed to disclose that: (i) Mammoth’s subsidiary, Cobra
Acquisitions LLC (“Cobra”), improperly obtained two infrastructure
contracts with the Puerto Rico Electric Power Authority (“PREPA”) that
totaled over $1.8 billion; and (ii) specifically, the contracts were
awarded as the result of improper steering and not a competitive RFP
process.
On May 24, 2019, the Wall Street Journal published an article reporting
that a FEMA official responsible for overseeing the restoration of
Puerto Rico’s power grid was under investigation for improperly steering
reconstruction work to Cobra. On this news, Mammoth’s share price fell
$0.50 per share, approximately 4.1%, to close at $11.74 on May 24, 2019.
On June 5, 2019, the Wall Street Journal published a second article
reporting that Cobra was under investigation by the Federal Bureau of
Investigation and the Department of Homeland Security in connection with
how the Company “came to dominate the power restoration efforts” in
Puerto Rico. On this news, Mammoth’s share price fell $1.67 per share,
approximately 14.9%, to close at $9.53 on June 5, 2019.
If you acquired Mammoth securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas
W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected],
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
[email protected]
www.kmllp.com
