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Company: ProPetro Holding Corp.
Kaskela Law LLC is investigating ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) on behalf of the Company’s current shareholders.
On August 8, 2019, ProPetro disclosed that it was delaying the filing of its quarterly report with the SEC “due to an ongoing review by the audit committee of the Company’s board of directors” of certain financial matters. Following this news, shares of the Company’s stock declined $4.59 per share, or over 26% in value, to close at $12.75 per share on August 9, 2019, on heavy trading volume.
Subsequently, on February 24, 2020, ProPetro disclosed that its Audit Committee’s “internal review has identified a number of internal and disclosure control deficiencies,” and that “Company’s management has to date concluded that there were multiple material weaknesses that resulted in the Company’s internal control over financial reporting and disclosure controls and procedures not being effective as of a prior date.”
The investigation seeks to determine whether ProPetro’s officers and directors breached their fiduciary duties to the Company and its stockholders in connection with the above concerning the company’s financial reporting.
Current ProPetro shareholders who purchased shares of the Company’s stock prior to January 1, 2019 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, to receive additional information about this investigation and their legal rights and options.