SAN DIEGO, Sept. 18, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of ProPetro Holding Corp. ("ProPetro") (NYSE: PUMP). If you wish to serve as lead plaintiff in this class action, you must move the Court no later than November 15, 2019.
[click here to join this action]
In March 2017, ProPetro sold 25 million shares of stock in its initial public stock offering (the "IPO"), at $14 a share raising $350,000,000 in new capital.
On August 8, 2019, post-market, ProPetro issued a press release disclosing a delay to its second-quarter earnings conference call and quarterly report. In a Form 8-K filed with the SEC on the same day, the company stated that it was reviewing approximately $370,000 of improper reimbursements to senior management and other related-party or potentially conflicted transactions.
Following the Company's disclosure on August 8, 2019, a class action was filed for purchasers of ProPetro between March 17, 2017 and August 8, 2019. The complaint, filed on September 16, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, defendants failed to disclose to investors: (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 lacked a reasonable basis.
If you are interested in learning more about your legal rights and remedies, please contact Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If you email, please include your phone number.
Additionally, you can [click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP
