PHILADELPHIA--(BUSINESS WIRE)--Kaskela Law LLC announces that it is investigating ProPetro Holding Corp. (“ProPetro”) (NYSE: PUMP) on behalf of the company’s current stockholders.
Current ProPetro stockholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or online at http://kaskelalaw.com/case/propetro/, to receive additional information about this investigation and their legal rights and options.
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.”
Kaskela Law LLC’s 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 disclosures concerning the company’s financial and operational reporting. ProPetro shareholders are encouraged to contact Kaskela Law LLC for additional information about this investigation.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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