Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Western District of Texas on behalf of shareholders of ProPetro Holding Corp. who purchased shares between March 17, 2017 and August 8, 2019.
ProPetro and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 8, 2019, post-market, the Company disclosed a delay to its Q2 report pending a review by its audit committee involving approximately $370,000 of improper reimbursements to senior management and other related-party or potentially conflicted transactions, and that it expected to report a material weakness in its internal control over disclosure.
On this news, the price of ProPetro’s shares plummeted over 26%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 15, 2019 to request that the court appoint them lead plaintiff.