ProPetro Holding Corp.
Attention investors who purchased shares of ProPetro Holding Corp. between March 17, 2017 and August 8, 2019, including those investors who acquired ProPetro shares pursuant or traceable to its initial public offering in March 2017:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against ProPetro Holding Corp. ("ProPetro") concerning whether ProPetro and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period March 17, 2017 and August 8, 2019, inclusive, including those investors who acquired ProPetro shares pursuant or traceable to its initial public offering in March 2017 (collectively, the "Class Period"), concerning ProPetro's business, operations and prospects. These misrepresentations and omissions artificially inflated the price of ProPetro's stock throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Western District of Texas on behalf of all persons or entities that purchased the common stock of ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) between March 17, 2017 and August 8, 2019, inclusive, including those investors who acquired ProPetro shares pursuant or traceable to its initial public offering (“IPO”) in March 2017 (collectively, the “Class Period), alleging violations of the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of ProPetro in the March 2017 offering, or during the period March 17, 2017 and August 8, 2019, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (1) that the Company’s executive officers were improperly reimbursed for certain expenses; (2) that the Company had engaged in certain undisclosed transactions with related parties; (3) that the Company lacked adequate disclosure controls and procedures; (4) that the Company lacked effective internal control over financial reporting; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 20, 2017, the Company filed its prospectus on Form 424B4 with the SEC, which forms part of the Registration Statement. In the IPO, the Company sold 25 million shares of common stock at a price of $14.00 per share.
Then, on August 8, 2019, after the market closed, the Company issued a press release delaying its second quarter earnings conference call and quarterly report, citing an ongoing review by its audit committee. In a Form 8-K filed with the SEC on the same day, the Company stated that the review concerned, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Form 8-K also stated that approximately $370,000 had been improperly reimbursed to members of senior management. Moreover, the Company expected to report a material weakness in its internal control over disclosure.
On this news, shares of ProPetro fell over 26%, closing at $12.75 per share on August 9, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 15, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
Attorney advertising. Prior results do not guarantee a similar outcome.