BOSTON, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, is investigating ProPetro Holdings (PUMP) and certain of its officers and directors for potential violations of federal security laws.
On August 8, 2019, ProPetro, an oilfield service company engaged in hydraulic fracking, issued a press release and Form 8-K delaying the company’s second quarter earnings conference call and quarterly report, citing an ongoing review by its audit committee. According to these documents, the review concerned (i) improper expense reimbursements of approximately $370,000 to executives; (ii) certain undisclosed transactions involving related parties; and (iii) 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.
Then, on October 18, 2019, news agencies reported that the company is under investigation by the U.S. Securities and Exchange Commission over its financial disclosures. Reportedly, the SEC probe involves potential violations of securities laws covering disclosures, internal financial controls and public reporting by the Midland, Texas. As a result of this news, Pro Petro’s share prices dropped almost 10% in intraday trading.
If you have purchased or otherwise acquired ProPetro securities, and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting https://shareholder.law/pump.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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