NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK). This investigation concerns whether Mammoth has violated federal securities laws and/or engaged in other unlawful business practices.
On May 24, 2019, the Wall Street Journal published an article reporting that a FEMA official responsible for overseeing the restoration of Puerto Rico’s power grid was under investigation for improperly steering reconstruction work to Cobra Acquisitions LLC (“Cobra”), a Mammoth subsidiary. Cobra signed contracts of $900 million and $945 million for work in Puerto Rico. On this news, Mammoth’s share price fell $0.50 per share, approximately 4.1%, to close at $11.74 on May 24, 2019.
On June 5, 2019, the Wall Street Journal published a second article reporting that Cobra was under investigation by the Federal Bureau of Investigation and the Department of Homeland Security in connection with how the Company “came to dominate the power restoration efforts” in Puerto Rico. On this news, Mammoth’s share price fell $1.67 per share, approximately 14.9%, to close at $9.53 on June 5, 2019.
If you acquired Mammoth securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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