SAN DIEGO & OKLAHOMA CITY, Okla.–(BUSINESS WIRE)–$TUSK #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of Mammoth Energy Services,
Inc. (NASDAQ: TUSK) filed a class action complaint for alleged
violations of the Securities Exchange Act of 1934 between October 19,
2017 and June 5, 2019. Mammoth Energy Services operates as an oilfield
service company.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/mammoth-energy-services/
Mammoth Energy Services Subsidiary’s Contracts Are Being
Investigated
According to the complaint, in October 2017, Mammoth announced that its
subsidiary, Cobra Acquisitions LLC, entered into a contract with Puerto
Rico Electric Power Authority (“PREPA”) to aid in Puerto Rico’s
rebuilding efforts. In May 2018, Mammoth announced that Cobra had
entered into a second $900 million contract with PREPA. In total, Cobra
had two emergency master services agreements for up to approximately
$1.8 billion of services. In May 2019, the Wall Street Journal revealed
that the Federal Emergency Management Agency Deputy Regional
Administrator was under investigation by a federal agency over
allegations that she steered work to Cobra. On this news, Mammoth’s
shares fell over 10% over the next three trading days. Then, in June
2019, The Wall Street Journal published another article reporting that a
federal agency had opened a related criminal inquiry into the origin of
Cobra’s contracts with PREPA. On this news, Mammoth’s shares fell over
45% over the next two trading days to close at $6.11 per share on June
6, 2019.
Mammoth Energy Services Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected]
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. Check out Stock
Watch, our free investment monitoring program for shareholders.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
