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SAN FRANCISCO, Nov. 03, 2019 (GLOBE NEWSWIRE) -- Hagens Berman reminds ProPetro Holding Corp. (NYSE: PUMP) investors of the pending securities fraud class action and urges PUMP investors who have suffered losses in excess of $50,000 to contact the firm.
ProPetro Holding Corp. (PUMP) Securities Class Action:
According to the Complaint, Defendants misled investors about ProPetro’s expense reimbursements to senior executives, transactions involving related parties or potential conflicts of interests, and the adequacy of the Company’s internal controls over financial reporting. On August 8, 2019, the market learned the truth when Defendants announced the Company would be unable to timely file its quarterly report for the quarter ended June 30, 2019, citing an ongoing internal review of the expense reimbursements and related party transactions. In response, the price of PUMP shares crashed over 26% the next day.
On October 9, 2019, PUMP announced it replaced Dale Redman and Jeffrey Smith in their capacities as PUMP’s principal executive and financial officers, respectively. As such, they will no longer be responsible for certifying PUMP’s financial statements.
On October 18, 2019, Reuters reported the SEC is investigating the Company’s financial disclosures.
On October 31, 2019, Culper Research published a scathing report detailing reasons Culper Research believes the Company’s internal review “was a farce, and shares are ultimately worthless.” In response, the price of PUMP shares steeply fell again.
If you invested in ProPetro Holding Corp. between Mar. 14, 2017 and Aug. 8, 2019 and suffered significant losses (in excess of $50,000) you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately to obtain additional information about this case or being a lead plaintiff.
“We are focused on investors’ losses and the extent to which management may have misled investors about the Company’s internal controls and previously-issued financial statements,” said Hagens Berman partner Reed Kathrein.
If you purchased shares of ProPetro and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding ProPetro should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email PUMP@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000