LEAD PLAINTIFF DEADLINE IS NOVEMBER 15, 2019
NEW YORK, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities that purchased, or otherwise acquired, the securities of ProPetro Holding Corp. ("ProPetro" or the "Company") (PUMP):
- pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with ProPetro's March 2017 initial public offering ("IPO"); and/or
- between March 17, 2017 and August 8, 2019, inclusive (the "Class Period").
Investors who purchased of ProPetro Holding Corp. shares are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of ProPetro Holding Corp., you may, no later than November 15, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of ProPetro Holding Corp.
The filed complaint 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:
- that the Company's executive officers were improperly reimbursed for certain expenses;
- that the Company had engaged in certain undisclosed transactions with related parties;
- that the Company lacked adequate disclosure controls and procedures;
- that the Company lacked effective internal control over financial reporting; and
- 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.
In March 2017, the Company completed its initial public offering, in which it sold 25 million shares of common stock at $14.00 per share.
On August 8, 2019, after the market closed, 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 U.S. Securities and Exchange Commission (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. Moreover, the Company expected to report a material weakness in its internal control over disclosure.
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.
ProPetro stock has traded as low as $8.98 per share, a nearly 36% decline from the $14 per share IPO price.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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