LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Mammoth Energy Services, Inc. (“Mammoth” or “the Company”) (NASDAQ: TUSK) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The Wall Street Journal published an article on May 24, 2019, entitled, “FEMA Official Probed Over Puerto Rico Power Restoration.” According to the article, a FEMA official responsible for overseeing the restoration of Puerto Rico’s power grid is allegedly under investigation for improperly steering reconstruction work to a Mammoth subsidiary. The Mammoth subsidiary signed contracts of $900 million and $945 million for work in Puerto Rico. Based on this report, shares of Mammoth fell by more than 4%.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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