The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of ProPetro Holding Corp. (NYSE: PUMP) who purchased PUMP securities pursuant and/or traceable to the Company’s registration statement and prospectus issued in connection with the Company’s March 2017 initial public offering and/or between February 17, 2017 and August 8, 2019. The action, which was filed in the United States District Court for the Western District of Texas, alleges that the Company violated federal securities laws.
In particular, the ProPetro lawsuit alleges that (1) the Company’s executive officers were improperly reimbursed for certain expenses; (2) the Company had engaged in certain undisclosed transactions with related parties; (3) the Company lacked adequate disclosure controls and procedures; (4) the Company lacked effective internal control over financial reporting; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Shareholders have until November 15, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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