ProPetro Holding Corp. (NYSE: PUMP) Investor Securities Class Action Lawsuit 09/16/2019

If you purchased shares of ProPetro Holding Corp. (NYSE: PUMP), you have certain options and for certain investors are short and strict deadlines running. Deadline: November 15, 2019. NYSE: PUMP investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
ProPetro Holding
Case Name: 
ProPetro Holding Shareholder Class Action Lawsuit 09/16/2019
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Western District of Texas
Deadline To File for Lead: 

An investor in shares of ProPetro Holding Corp. (NYSE: PUMP) filed a lawsuit in the U.S. District Court for the Western District of Texas over alleged violations of Federal Securities Laws by ProPetro Holding Corp. in connection with certain allegedly false and misleading statements made connection with the Company’s March 2017 initial public offering and between March 17, 2017 and August 8, 2019.

Midland, TX based ProPetro Holding Corp., an oilfield services company, provides pressure pumping and other related services. ProPetro Holding Corp. reported that its annual Total Revenue rose from $981.86 million in 2017 to over $1.7 billion in 2018 and that its Net Income increased from $12.61 million in 2017 to $173.86 million in 2018.
On August 8, 2019, ProPetro Holding Corp announced that it is delaying its second quarter earnings conference call and quarterly report, citing an ongoing review by its audit committee. Among other things, the review concerned related party transactions, potential conflicts of interest, and expense reimbursements.

Shares of ProPetro Holding Corp. (NYSE: PUMP) declined from $21.83 per share in early July 2019 to as low as $10.19 per share on August 23, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of ProPetro Holding Corp. (NYSE: PUMP) common shares between March 17, 2017 and August 8, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 17, 2017 and August 8, 2019, the Defendants failed to disclose to investors, that the Company’s executive officers were improperly reimbursed for certain expenses, that the Company had engaged in certain undisclosed transactions with related parties, that the Company lacked adequate disclosure controls and procedures, that the Company lacked effective internal control over financial reporting, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.