NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of FTS International, Inc. (“FTSI” or the “Company”) (FTSI) pursuant or traceable to the Company’s February 5, 2018 Initial Public Offering.
You are hereby notified that a securities action has been commenced in the District Court for Dallas County, Texas. If you purchased or otherwise acquired FTSI securities pursuant to the initial public offering, your rights may be affected by this action.
The complaint alleges that the Registration Statement was negligently prepared and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make adequate disclosures required under the rules and regulations governing the preparation of such documents. The complaint alleges, among other allegations, that the Registration Statement failed to disclose that: (a) the hydraulic fracturing market was experiencing intense and increasing competition and a glut of increased supply as companies re-entered the market and increased output due to a rise in the price of commodities; (b) FTSI was not positioned to capitalize on increased demand for hydraulic fracturing services in the industry overall, but rather was positioned to lose market share and suffer decelerating revenue growth and, ultimately, decreased revenues as competitors flooded the market and undercut the Company’s prices for its services, even as commodity prices increased; and (c) as FTSI suffered decreased demand for its services and intense price competition, it was not positioned to increase its fleet size by 19% in the nine months following the IPO, but rather needed to materially reduce its fleet size.
If you suffered a loss in FTSI and would like additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit https://www.zlk.com/pslra-1/fts-international-inc-loss-form.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171