PHILADELPHIA, June 6, 2020 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating ProPetro Holding Corp. ("ProPetro" or the "Company") (NYSE: PUMP) on behalf of the Company's stockholders.
On August 8, 2019, ProPetro disclosed that it was delaying the filing of its quarterly report with the SEC "due to an ongoing review by the audit committee of the Company's board of directors" of certain financial matters. Following this news, shares of the Company's stock declined $4.59 per share, or over 26% in value, to close at $12.75 per share on August 9, 2019, on heavy trading volume.
Subsequently, on February 24, 2020, ProPetro disclosed that its Audit Committee's "internal review has identified a number of internal and disclosure control deficiencies," and that "Company's management has to date concluded that there were multiple material weaknesses that resulted in the Company's internal control over financial reporting and disclosure controls and procedures not being effective as of a prior date."
The investigation seeks to determine whether ProPetro's officers and directors breached their fiduciary duties in connection with the above concerning the Company's financial reporting.
Current ProPetro stockholders who purchased or acquired shares of the Company's common stock prior to January 1, 2019 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or via email at [email protected] or online at http://kaskelalaw.com/case/propetro/ for additional information about this investigation and their legal rights and options.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
SOURCE Kaskela Law LLC