LOS ANGELES–(BUSINESS WIRE)–$PUMP #classaction—The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) concerning whether the board breached its fiduciary duties to shareholders.
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On August 8, 2019, ProPetro issued a series of material misstatements and omissions to investors regarding, among other things: (1) ProPetro’s executive officers were improperly reimbursed for certain expenses; (2) ProPetro had engaged in certain undisclosed transactions with related parties; (3) ProPetro lacked adequate disclosure controls and procedures; and (4) ProPetro lacked effective internal control over financial reporting.
Following the filing of a securities lawsuit against ProPetro, co-founders Phillip Gobe and Dale Redman lost their titles of principal executive and finance chief, respectively. Gobe and Redman agreed to reimburse the Company for expenses that were billed to ProPetro.
On October 18, 2019, Reuters reported that the SEC was investigating the Company’s financial disclosures. Culper Research also published a report which called the Company’s internal review “a farce[.]” Finally, on November 13, 2019, another $3.6 million in related party transactions was revealed to the public.
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If you own ProPetro shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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