NEW YORK, June 1, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, seeks options investors who incurred substantial losses from investing in Carbo Ceramics Inc. options contracts ("Carbo Ceramics" or the "Company") (NYSE: CRR).
Faruqi & Faruqi's class action complaint against Carbo Ceramics alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company was experiencing significant declines in proppant sales for the Haynesville region; and (2) that Carbo Ceramics was suffering serious logistical problems such that the Company was unable to shift resources to new and burgeoning drilling sites.
On January 26, 2012, Carbo Ceramics issued a press release announcing its financial results for the fourth quarter and fiscal year 2011. On the same day, the Company held a conference call with securities analysts for investors wherein it was revealed that the Company had seen a 70% decline in proppant sales in the Haynesville region of Louisiana and that Carbo Ceramics had been unable to shift resources to various new opportunities due to logistical issues. In response to the disappointing announcements, the price of the Company's common stock declined from $130.72 per share to $103.76 on heavy trading volume.
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If you purchased Carbo Ceramics options contracts between October 27, 2011 and January 26, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/CRR. You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected], [email protected] or [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Carbo Ceramics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP