NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Oklahoma on behalf of those who acquired Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) securities during the period from October 19, 2017 to June 5, 2019 (the “Class Period”). Investors have until August 6, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Mammoth made false and/or misleading statements and/or failed to disclose that: (i) Mammoth’s subsidiary, Cobra Acquisitions LLC (“Cobra”), improperly obtained two infrastructure contracts with the Puerto Rico Electric Power Authority (“PREPA”) that totaled over $1.8 billion; and (ii) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process.
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. 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 during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.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 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’s website: www.kmllp.com.
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