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NEW YORK, June 12, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Mammoth and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 24, 2019, the Wall Street Journal published an article entitled “FEMA Official Probed Over Puerto Rico Power Restoration”. According to the article, a high-ranking Federal Emergency Management Agency official who oversaw the reconstruction of Puerto Rico’s electrical grid after Hurricane Maria is under investigation for allegedly steering work to one of Mammoth’s subsidiaries. The subsidiary had signed separate contracts worth up to $900 million and $945 million to repair downed transmission and distribution lines in Puerto Rico.
Following publication of the article, Mammoth’s stock price fell $0.50 per share, or roughly 4%, to close at $11.74 per share on May 24, 2019.
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