BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Liberty Oilfield Services Inc. ("Liberty" or "the Company") (NYSE: LBRT) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s January 17, 2018 initial public offering (the “IPO” or “Offering”).
Investors suffering losses on their Liberty investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On February 5, 2020, after the market closed, Liberty issued a press release announcing its financial and operations results for fourth quarter and full year 2019. Therein, Liberty reported full year adjusted EBITDA of $277 million, or a 37% decline over the prior year, and diluted earnings per share of $0.53, which fell significantly short of analyst forecasts.
On this news, Liberty's stock price fell $1.07, or over 12%, to close at $7.80 per share on February 6, 2020, thereby injuring investors.
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that there was an oversupply in the hydraulic fracturing services market; (2) that the Company's pricing power was weak; (3) that the Company's services were not increasing and its competition was not decreasing; and (4) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Liberty securities during the Class Period, you may move the Court no later than June 2, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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