NEW YORK–(BUSINESS WIRE)–#ProPetro–Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for Western District of Texas on behalf of all investors that purchased ProPetro Holdings Corp. (NYSE: PUMP) securities between March 14, 2017 and August 8, 2019 (“the “Class Period”). Investors have until November 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
In March 2017, the company completed its initial public offering (“IPO”), in which it sold 25 million shares of common stock at $14.00 per share.
On August 8, 2019, the company issued a press release delaying its second quarter earnings conference call and quarterly report, citing an ongoing review by its audit committee. In a Form 8-K filed with the SEC on the same day, the company stated that the review concerned, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Form 8-K also stated that approximately $370,000 had been improperly reimbursed to members of senior management since the IPO.
On this news, the company’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share on August 9, 2019.
By the date this class action was filed, ProPetro stock was trading as low as $11.44 per share, a nearly 18% decline from the $14 per share IPO price.
The complaint, filed on September 16, 2019, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the company’s executive officers were improperly reimbursed for certain expenses; (2) that the company had engaged in certain undisclosed transactions with related parties; (3) that the company lacked adequate disclosure controls and procedures; (4) that the company lacked effective internal control over financial reporting; and (5) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased ProPetro securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the ProPetro lawsuit, please go to https://bespc.com/pump. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.