NEW YORK, Sept. 27, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ProPetro Holding Corp. ("ProPetro" or the "Company") (NYSE:PUMP) of the November 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in ProPetro stock or options: a) pursuant and/or traceable to the 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 b) between March 17, 2017 and August 8, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/PUMP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Western District of Texas on behalf of all those who purchased ProPetro securities a) pursuant and/or traceable to the Registration Statement issued in connection with the Company's March 2017 IPO; and/or b) between March 17, 2017 and August 8, 2019 (the "Class Period"). The case, Logan v. ProPetro Holding Corp. et al., No.:19-cv-00217 was filed on September 16, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that the Company's executive officers were improperly reimbursed for certain expenses; (2) that the Company had engaged in certain undisclosed transactions with related parties; (3) that the Company lacked adequate disclosure controls and procedures; (4) that the Company lacked effective internal control over financial reporting; and (5) 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.
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 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 Company's initial public offering in 2017. Moreover, the Company expected to report a material weakness in its internal control over disclosure.
On this news, the Company's stock price fell from $17.34 per share on August 8, 2019 to $12.75 per share on August 9, 2019: a $4.59 or 26.47% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding ProPetro's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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