NEW YORK, July 10, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) related to alleged violations of federal securities laws. If you purchased Mammoth stock between October 19, 2017 and June 5, 2019, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at (844) 818-6982 for additional information.
The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Mammoth's subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, Defendants' statements about Mammoth's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On June 5, 2019, the Wall Street Journal published an article entitled "Puerto Rico Grid Contractor Caught Up in Federal Probes." According to the article, the Department of Homeland Security's Inspector General is investigating one of Mammoth's subsidiaries to determine how the company "came to dominate the power restoration efforts" in Puerto Rico in the wake of Hurricane Maria. The Federal Bureau of Investigation has opened a related criminal investigation.
On this news, Mammoth's share price fell $5.09 per share, or over 45%, over two trading sessions to close at $6.11 on June 6, 2019.
What You Can Do
If you purchased Mammoth stock between October 19, 2017 and June 5, 2019, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982 or email@example.com. The lead plaintiff deadline is August 6, 2019.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California and Ohio.
SOURCE Scott+Scott Attorneys at Law LLP