NEW YORK, Sept. 18, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces the filing of a securities class action on behalf of shareholders that purchased or acquired shares of ProPetro Holdings Corp. ("ProPetro" or the "Company") (PUMP) either (i) pursuant and/or traceable to the Company's false and/or misleading registration statement and prospectus (collectively the "Registration Statement") issued in connection with the Company's March 2017 initial public offering ("IPO" or the "Offering"); and/or (ii) purchased or otherwise acquired ProPetro securities between March 17, 2017, and August 8, 2019, inclusive (the "Class Period").
If you purchased ProPetro securities, and/or would like to discuss your legal rights and options please visit ProPetro Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The lawsuit filed in the United States District Court for the Western District of Texas alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934
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 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; (iv) the Company lacked effective internal control over financial reporting; and (v) 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.
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 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, thereby injuring investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 15, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased ProPetro securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/propetroholdingscorp-pump-shareholder-class-action-lawsuit-fraud-stock-182/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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