Nuverra Environmental Solutions Inc (NYSE: NES) Investor Securities Class Action Lawsuit 09/03/2013

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Company Name(s): 
Nuverra Environmental Solutions
Case Name: 
Nuverra Environmental Solutions Shareholder Class Action Lawsuit 09/03/2013
Case Status: 
Case Dismissed
Affected Securities
NYSE: NES
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/03/2013
Class Period Begin: 
03/09/2012
Class Period End: 
11/07/2013
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
11/04/2013
Case Dismissed: 
06/23/2015
Summary: 

June 23, 2015 - The court granted defendants' motion to dismiss with prejudice.

March 19, 2015 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Nuverra Environmental Solutions Inc (NYSE: NES) common shares between March 9, 2012 and November 7, 2013. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 9, 2012 and November 7, 2013.

March 12, 2015 - The court granted in part and denied in part the plaintiffs' motion for leave to amend their complaint.

November 17, 2014 - The court granted the defendants' motion to dismiss without prejudice and granted lead plaintiff leave to file an amended complaint.

March 31, 2014 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Nuverra Environmental Solutions Inc (NYSE: NES) common shares between November 9, 2011 and November 7, 2013. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 9, 2011 and November 7, 2013.

January 15, 2014 - Lead plaintiffs and lead counsel were appointed.

November 4, 2013 - Lead plaintiff motions were filed.

October 30, 2013 - The court ordered all cases consolidated.

September 3, 2013 - Another investor filed a complaint.

September 3, 2013 - An investor in shares of Nuverra Environmental Solutions Inc (NYSE: NES) filed a lawsuit in the U.S. District Court for the Southern District of New York against Nuverra Environmental Solutions Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 6, 2012 and August 23, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Nuverra Environmental Solutions Inc (NYSE: NES) between March 12, 2013 and August 23, 2013, that Nuverra Environmental Solutions Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that between March 12, 2013 and August 23, 2013, defendants issued materially false and misleading statements regarding Nuverra Environmental Solutions Inc’s financial performance and future prospects and as a result of defendants’ false statements, NYSE: NES a shares traded at artificially inflated prices between March 12, 2013 and August 23, 2013.

Nuverra Environmental Solutions Inc reported that its annual Total Revenue rose from $156.84 million in 2011 to $351.98 million in 2012 and that its Net Loss of $23.01 million in 2011 turned into a Net Income of $2.53 million in 2012.

On May 8, 2013, Nuverra Environmental Solutions Inc announced its first quarter 2013 financial results. For the first quarter in 2013 Nuverra Environmental Solutions Inc reported quarterly Revenue of $159.46 million with quarterly Net Loss of $12.63 million. Among other things, Nuverra Environmental Solutions Inc provided its 2013 outlook and financial guidance.

Then on July 30, 2013, Nuverra Environmental Solutions Inc reported its preliminary second quarter 2013 results. Nuverra Environmental Solutions Inc announced certain preliminary financial results for the second quarter ended June 30, 2013. Nuverra Environmental Solutions Inc said it expects to report revenues for the second quarter of approximately $165.5 million and adjusted EBITDA in the range of $32.8 million to $33.6 million.

On August 8, 2013, Nuverra Environmental Solutions Inc announced its actual second quarter 2013 earnings results, disclosing an adjusted earnings per share loss.

On August 23, 2013, after the close of trading, a report disclosed, among other things, specifics concerning the Power Fuels acquisition and discussed how that acquisition was weighing Nuverra Environmental Solutions Inc’s financial performance down.

Shares of Nuverra Environmental Solutions Inc (NYSE: NES) closed on September 3, 2013 at $2.42 per share.