PHILADELPHIA–(BUSINESS WIRE)–Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against ProPetro Holding Corp. (NYSE: PUMP) (“ProPetro” or the “Company”) on behalf of investors who purchased ProPetro’s securities between March 17, 2017 and August 8, 2019, inclusive (the “Class Period”).
ProPetro investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at [email protected], to discuss this action and their legal rights and options. Additional information about this action may also be found at http://kaskelalaw.com/case/propetro/.
On August 8, 2019, ProPetro issued a press release announcing its preliminary second quarter 2019 financial and operational results, and disclosed that it was delaying the filing of its quarterly report with the SEC “due to an ongoing review by the audit committee of the Company’s board of directors” of certain financial matters. Following this news, shares of the Company’s stock declined $4.59 per share, or over 26% in value, to close at $12.75 per share on August 9, 2019, on heavy trading volume.
Among other things, the shareholder class action complaint alleges that ProPetro issued a series of false and misleading statements to investors during the Class Period, and failed to disclose that: (i) the Company’s executive officers were improperly reimbursed for certain expenses; (ii) the Company had engaged in certain undisclosed transactions with related parties; (iii) the Company lacked adequate disclosure controls and procedures; and (iv) the Company lacked effective internal control over financial reporting.
IMPORTANT DEADLINE: Investors who purchased ProPetro’s securities during the Class Period may, no later than November 15, 2019, seek to be appointed as a lead plaintiff representative in the action.
ProPetro investors are encouraged to contact Kaskela Law LLC to discuss this action and their legal rights and options. Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.