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Kaskela Law LLC Announces Investigation of ProPetro Holding Corp. (PUMP) and Encourages Current Stockholders to Contact the Firm

2020-04-11 14:22 ET - News Release

PHILADELPHIA, April 11, 2020 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) on behalf of the company’s current stockholders.

Current ProPetro stockholders who purchased shares of the company’s stock prior to January 1, 2019 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or via email at skaskela@kaskelalaw.com, to discuss this investigation and their legal rights and options.  Additional information about this investigation may also be found at http://kaskelalaw.com/case/propetro/.

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.”

The 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 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

CONTACT:

D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com

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