BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Mammoth Energy Services, Inc. (“Mammoth Energy” or the “Company”) (NASDAQ: TUSK) securities between October 19, 2017 and June 5, 2019, inclusive (the “Class Period”). Mammoth Energy investors have until August 6, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Mammoth Energy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On May 24, 2019, the Wall Street Journal reported that a FEMA official involved in the reconstruction of Puerto Rico following Hurricane Maria is under investigation for directing electrical grid work contracts to a Mammoth Energy subsidiary, worth up to $900 million and $945 million each.
On this news, the Company’s share price fell $0.50 per share, or over 4%, to close at $11.74 on May 24, 2019, thereby injuring investors.
Then, on June 5, 2019, the Wall Street Journal reported that a Mammoth Energy subsidiary was under investigation by the Federal Bureau of Investigation and the Department of Homeland Security “examining how the [Company] came to dominate the power restoration efforts” in Puerto Rico.
On this news, the Company’s share price fell $5.09 per share, or over 45%, over two trading sessions to close at $6.11 on June 6, 2019, thereby injuring investors further.
The complaint filed in this class action 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) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with the Puerto Rico Electric Power Authority that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive Request for Proposal process; and (3) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
If you purchased shares of Mammoth Energy, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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