Nuverra Environmental Solutions Inc (NYSE:NES) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

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Company Name(s): 
Nuverra Environmental Solutions
Case Name: 
Nuverra Environmental Solutions Shareholder Derivative Lawsuit 11/08/2013
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: NES
Lawsuit Overview
Type of Lawsuit: 
Shareholder Derivative Action
Date Filed: 
11/08/2013
Summary: 

November 11, 2013 (Shareholders Foundation) - A long-term investor in NYSE:NES shares filed a lawsuit against directors of Nuverra Environmental Solutions Inc over alleged breached of fiduciary duties.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:NSE investors. The lawsuit over alleged breaches of fiduciary duties by certain directors of Nuverra Environmental Solutions Inc comes after a lawsuit was recently filed against Nuverra Environmental Solutions over alleged securities laws violations. According to that complaint the plaintiff alleges that Nuverra Environmental Solutions Inc 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’ 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.

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’ financial performance down.

Shares of Nuverra Environmental Solutions Inc declined from $4.36 per share in late March 2013 to as low as $1.311 per share during November 11, 2013.