Mammoth Energy Services, Inc. (NASDAQ: TUSK) Investor Securities Class Action Lawsuit 06/07/2019

If you purchased a significant amount of shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) between October 19, 2017 through June 5, 2019, and / or if you purchased any NASDAQ: TUSK shares prior to October 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2019. NASDAQ: TUSK investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Mammoth Energy Services
Case Name: 
Mammoth Energy Services Shareholder Class Action Lawsuit 06/07/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: TUSK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/07/2019
Class Period Begin: 
10/19/2017
Class Period End: 
06/05/2019
Court of Filing: 
U.S. District Court for the Western District of Oklahoma
Deadline To File for Lead: 
08/06/2019
Summary: 

An investor in shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) filed a lawsuit in the U.S. District Court for the Western District of Oklahoma over alleged violations of Federal Securities Laws by Mammoth Energy Services, Inc. in connection with certain allegedly false and misleading statements made between October 19, 2017 through June 5, 2019.

Oklahoma City, OK based Mammoth Energy Services, Inc. operates as an oilfield service company. Mammoth Energy Services, Inc. reported that its annual Total Revenue rose from $691.49 million in 2017 to over $1.69 billion in 2018 and that its Net Income increased from $58.96 million in 2017 to $235.96 million in 2018.

On May 24, 2019, an article was published entitled “FEMA Official Probed Over Puerto Rico Power Restoration”. According to the article, a high-ranking Federal Emergency Management Agency official who oversaw the reconstruction of Puerto Rico’s electrical grid after Hurricane Maria is under investigation for allegedly steering work to Cobra, a Mammoth subsidiary. The subsidiary had signed separate contracts worth up to $900 million and $945 million to repair downed transmission and distribution lines in Puerto Rico.

Shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) declined from $42.30 per share in June 2018 to as low as $10.30 per share on May 31, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Mammoth Energy Services, Inc. (NASDAQ: TUSK) common shares between October 19, 2017 through June 5, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 19, 2017 through June 5, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion, that specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process, and thatas a result, Defendants’ statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.