Notice of Pendency and Proposed Settlement of Class Action Involving All Persons who Purchased or Otherwise Acquired ProPetro Holding Corp. Common Stock on the open market from March 17, 2017 to March 13, 2020, inclusive, or purchased ProPetro Common Stock in or traceable to ProPetro's Initial Public Offering on March 17, 2017

SEATTLE, Nov. 7, 2022 /PRNewswire/ --

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF TEXAS
MIDLAND/ODESSA DIVISION

SUMMARY NOTICE of (i) Pendency of Class Action
and Proposed Settlement; (ii) Settlement Hearing; and
(iii) Motion for Attorneys' Fees and Litigation Expenses

This notice is for all persons who purchased or otherwise acquired the common stock of ProPetro Holding Corp. ("ProPetro") on the open market from March 17, 2017 to March 13, 2020, inclusive, and all persons who purchased ProPetro common stock in or traceable to ProPetro's Initial Public Offering on March 17, 2017.

YOU ARE HEREBY NOTIFIED that, pursuant to an Order of the United States District Court for the Western District of Texas, Midland/Odessa Division, a hearing will be held on April 11, 2023, at 1:30 p.m., before the Honorable David Counts, United States District Judge, in person at the United States Courthouse, 200 East Wall, Midland, Texas 79701, to determine: (1) whether a proposed Settlement of Nykredit Portefølje Administration A/S et al. v. ProPetro Holding Corp. et al., No. MO:19-CV-217-DC for the sum of Thirty Million ($30,000,000.00) in cash should be approved by the Court as fair, reasonable, and adequate, which would result in this Action being dismissed with prejudice and will prevent Settlement Class Members from ever being part of any other lawsuit against the Defendants (and parties related to them) about the legal claims being resolved by this Settlement, as set forth in the Stipulation and Agreement of Settlement dated September 22, 2022; (2) whether, for purposes of the proposed Settlement only, the Action should be certified as a class action on behalf of the Settlement Class, Plaintiffs should be certified as Class Representatives for the Settlement Class, and Lead Counsel should be appointed as Class Counsel for the Settlement Class; (3) whether the Plan of Allocation of settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (4) whether Plaintiffs' Counsel should be awarded attorneys' fees and expenses incurred in connection with this Action, together with interest thereon, and whether the Plaintiffs should receive an award of their costs and expenses in representing the Settlement Class. Those matters will be addressed by the Court at the Settlement Hearing to be held on April 11, 2023.

If you (a) purchased or otherwise acquired ProPetro common stock on the open market during the period from March 17, 2017 to March 13, 2020, both dates inclusive, and were damaged thereby; or (b) purchased ProPetro common stock in or traceable to ProPetro's Initial Public Offering on March 17, 2017, your rights may be affected by this Action and the Settlement thereof. If you have not received a detailed Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses ("Notice") and a copy of the Proof of Claim and Release Form ("Proof of Claim Form"), you may obtain copies either by downloading this information at www.ProPetroSecuritiesLitigation.com or by writing to ProPetro Securities Litigation, c/o JND Legal Administration, P.O. Box 91309, Seattle, Washington 98111. 

If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim Form by mail (postmarked no later than February 23, 2023), or online at www.ProPetroSecuritiesLitigation.com (submitted no later than February 23, 2023), establishing that you are entitled to a recovery. 

You will be bound by any judgment rendered in the Action unless you request to be excluded, in writing, such that it is postmarked no later than March 21, 2023, in the manner and form explained in the detailed Notice referred to above. If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is postmarked no later than March 21, 2023, in accordance with the instructions set forth in the Notice. If you ask to be excluded, you will not get any payment from the Settlement, and you cannot object to the Settlement. You will not be legally bound by anything that happens in the lawsuit, and you may be able to sue Defendants' Releasees about the Released Plaintiffs' Claims in the future. If you want to bring your own lawsuit based on the matters alleged in this Action, you may want to consult an attorney and discuss whether any individual claim that you may wish to pursue would be time-barred. 

Any objection to any aspect of the Settlement, the Plan of Allocation, and/or Lead Counsel's fee and expense application must be filed with the Clerk of the Court and delivered to Lead Counsel and Representative Defendants' Counsel, such that they are received no later than March 21, 2023, in accordance with the instructions set forth in the Notice.

Requests for the Notice and Proof of Claim Form should be made to the Claims Administrator:

ProPetro Securities Litigation
c/o JND Legal Administration
P.O. Box 91309
Seattle, Washington 98111

Inquiries, other than requests for the Notice and Proof of Claim Form, may be made to Lead Counsel:

BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP

James A. Harrod
1251 Avenue of the Americas
New York, New York 10020
Tel.: (212) 554-1400
Fax: (212) 554-1444
Email: [email protected]

GRANT & EISENHOFER P.A.

Daniel L. Berger
485 Lexington Avenue
New York, New York 10017
Tel.: (646) 722-8500
Fax: (646) 722-8501
Email: [email protected]

For any questions, please call (877) 917-0135 or visit www.ProPetroSecuritiesLitigation.com.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF TEXAS
MIDLAND/ODESSA DIVISION

SOURCE JND Legal Administration