Shareholder Alert: Robbins LLP Is Investigating the Officers and Directors of ProPetro Holding Corp. (PUMP) on Behalf of Shareholders
SAN DIEGO & MIDLAND, Texas--(BUSINESS WIRE)--Feb 27, 2020--
Shareholder rights law firm Robbins LLP is investigating whether certain officers and directors of ProPetro Holding Corp. (NYSE: PUMP) violated federal securities laws. ProPetro is an oilfield services company that provides pressure pumping and other related services.
If you suffered a loss as a result of ProPetro’s misconduct, click here.
ProPetro Holding Corp. (PUMP) Reveals Multiple Weaknesses in Financial Reporting
In August 2019, the Company had disclosed that it was conducting an audit to determine whether there was any material weakness in its disclosures related to purchases of electric hydraulic fracturing fleets. As the probe progressed, it was expanded to include expense reimbursements by executives as well as transactions involving related parties and other potential conflicts of interest. In addition to the Company’s internal audit, ProPetro remains under investigation by the SEC. On February 24, 2020, ProPetro revealed that a board committee had found multiple material weaknesses related to its financial reporting and disclosures. As a result, the Company has announced that it is unable to timely file its annual report and an independent accounting firm continues to examine the board’s findings and remediation plan.
ProPetro Holding Corp. (PUMP) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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SOURCE: Robbins LLP
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PUB: 02/27/2020 01:12 PM/DISC: 02/27/2020 01:12 PM