NEW ORLEANS, May 29, 2020 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF continues its investigation into ProPetro Holding Corp. (NYSE: PUMP).
On August 8, 2019, the Company disclosed a delay to its second quarter earnings report due to an ongoing review by its audit committee involving improper expense reimbursements of approximately $370,000 to executives, undisclosed related-party transactions, and a potential material weakness in its internal control over disclosure. Then, on October 18, 2019, news agencies reported that the company was the target of an investigation by the U.S. Securities and Exchange Commission ("SEC") relating to its financial disclosures. Finally, on November 13, 2019, the Company confirmed the SEC investigation and also revealed previously-undisclosed related-party transactions totaling $3.6 million as well as "at least two 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 Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the plaintiffs in that case filed a Second Amended Complaint, and the case remains ongoing.
KSF's investigation is focusing on whether ProPetro's officers and/or directors breached their fiduciary duties to ProPetro's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of ProPetro shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-pump/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.