NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Liberty Oilfield Services Inc. ("Liberty" or the "Company") (NYSE: LBRT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Liberty and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around January 17, 2018, Liberty conducted its initial public offering ("IPO"), issuing approximately 14.6 million shares of Class A stock priced at $17.00 per share. On February 5, 2020, post-market, Liberty announced its financial and operations results for the fourth quarter and full-year 2019. Among other results, Liberty reported diluted earnings per share of $0.53 for 2019, which fell significantly short of analyst forecasts. Liberty and its officers cited, among other issues, an oversupply in the hydraulic fracturing services market, weakness in the Company's pricing power, and the fact that Liberty's services were not increasing while its competition was not decreasing.
On this news, Liberty's stock price fell $1.07 per share, or 12.06%, to close at $7.80 per share on February 6, 2020. Since the IPO, Liberty's stock price has closed as low as $2.26 per share, representing a decline of nearly 86% of the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP