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Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against ProPetro Holding Corp. for Securities Fraud Violations

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired ProPetro Holding Corp. (“ProPetro”) (NYSE: PUMP) securities: a) pursuant and/or traceable to ProPetro's registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with ProPetro's March 2017 initial public offering (“IPO”); and/or b) between March 17, 2017 and August 8, 2019, inclusive (the “Class Period”). 
 

ProPetro investors may receive additional information about the case by clicking the link "Submit Your Information" above.


According to the complaint, ProPetro is an oilfield services company that provides hydraulic fracturing and complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. On March 17, 2017, ProPetro’s common stock began trading on the NYSE.  On March 20, 2017, ProPetro filed its prospectus on a Form 424B4 with the SEC, which forms part of the Registration Statement. In the IPO, ProPetro sold 25 million shares of common stock at a price of $14.00 per share. ProPetro received proceeds of approximately $175 million from the IPO, net of underwriting discounts and commissions. On May 13, 2017, ProPetro filed its final amendment to the Registration Statement with the SEC on a Form S-1/A, which forms part of the Registration Statement. The Registration Statement was declared effective on March 16, 2017.

On August 8, 2019, after the market closed, ProPetro issued a press release delaying its second quarter earnings conference call and quarterly report, citing an ongoing review by its Audit Committee. In a Form 8-K filed with the SEC on the same day, ProPetro stated that the review concerned, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Form 8-K also stated that approximately $370,000 had been improperly reimbursed to members of senior management since ProPetro’s IPO. Moreover, ProPetro expected to report a material weakness in its internal control over disclosure.  Following this news, ProPetro’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share on August 9, 2019.

The complaint alleges that, the Registration Statement was false and misleading and omitted to state material adverse facts. The complaint further alleges that, the defendants failed to disclose to investors that: (1) ProPetro’s executive officers were improperly reimbursed for certain expenses; (2) ProPetro had engaged in certain undisclosed transactions with related parties; (3) ProPetro lacked adequate disclosure controls and procedures; (4) ProPetro lacked effective internal control over financial reporting; and (5) as a result of the foregoing, the defendants’ positive statements about ProPetro’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

If you are a member of the class described above, you may no later than November 15, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.


A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Returning the attached form or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

The securities fraud complaint alleges that ProPetro’s (NYSE:  PUMP) Registration and Prospectus for its March 2017 IPO contained fraudulent and misleading information. On August 8, 2019, ProPetro reported that an internal audit discovered improper reimbursements to certain members of senior management. On this news ProPetro’s stock price dropped over 26%.

Please complete this form relating to your transactions for ProPetro Holding Corp. (NYSE: PUMP) securities: a) pursuant and/or traceable to ProPetro's registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with ProPetro's March 2017 initial public offering (“IPO”); and/or b) between March 17, 2017 and August 8, 2019, inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

* Denotes required field
 
 
 
 
 
 
# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of ProPetro Holding Corp. prior to the Class Period?
Are you a current or former employee of ProPetro Holding Corp.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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