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NEW YORK, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of ProPetro (“ProPetro” or the “Company”) (NYSE: PUMP). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether ProPetro and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around March 16, 2017, ProPetro conducted its initial public offering (“IPO”), selling 25 million shares of common stock priced at $14.00 per share. Then, on August 8, 2019, ProPetro issued a press release announcing a delay of both its second-quarter earnings conference call and the filing of its quarterly report, citing an ongoing review by the Company’s audit committee. In a Form 8-K filed with the U.S. Securities and Exchange Commission on the same day, ProPetro stated that its review concerned, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Form 8-K also disclosed that approximately $370,000 had been improperly reimbursed to members of the Company’s senior management and that ProPetro expected to report a material weakness in its internal control over disclosure.
On this news, ProPetro’s stock price fell $4.59 per share, or 26.47%, to close at $12.75 per share on August 9, 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