NEW YORK, Oct. 18, 2019 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York, Los Angeles and Atlanta, announces the investigation of ProPetro Holding Corp. (NYSE: PUMP) ("PUMP," or the "Company"), its Board of Directors, and certain Company officers for, among other things, possible breaches of fiduciary duty and violations of federal securities laws.
If you are a shareholder of PUMP who wishes to discuss the investigation or have any questions about this notice and your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
On August 8, 2019, the Company issued a press release after the market closed announcing the delay of its second quarter financial results. On that same day, PUMP filed with the SEC a form 8-K attributing the delay to, among other things, concerns about expense reimbursements and certain transactions involving related parties or potential conflicts of interest. Specifically, the Company's Audit Committee identified nearly $370,000 in improperly reimbursed expenses traceable back to PUMP's March 17, 2017 initial public offering. Additionally, the Audit Committee and management identified deficiencies and material weaknesses in the Company's internal control over disclosures.
On that news, PUMP's share price dropped $4.59, or approximately 26%, to close at $12.75 on August 9, 2019.
WeissLaw is investigating whether PUMP's Board breached its fiduciary duties to the Company by: (1) improperly reimbursing its officers for certain expenses; (2) engaging in undisclosed transactions with related parties; (3) making materially false and/or misleading statements to shareholders; and (4) failing to ensure that an adequate system of internal controls was maintained over the Company's operations and financial reporting. If you wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771, or by e-mail at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients.
SOURCE WeissLaw LLP