DENVER--(BUSINESS WIRE)--Correcting release issued February 6, 2020, to replace references to Phillip Gobe with Jeffrey Smith.
The corrected release reads:
SHUMAN GLENN & STECKER INVESTIGATES PROPETRO HOLDING CORP.
Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP). ProPetro is an oilfield services company which provides fracking and drilling services throughout North America.
The Firm’s investigation relates to disclosures made by ProPetro on August 8, 2019, wherein the Company admitted that its Audit Committee was performing an ongoing review of, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Company also stated that approximately $370,000 had been improperly reimbursed to members of senior management and that it expected to report a material weakness in its internal controls over disclosure. On this news, the Company’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share on August 9, 2019. Following this news, co-founders Dale Redman and Jeffrey Smith lost their titles of principal executive and finance chief, respectively. Redman and Smith 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. On November 13, 2019, ProPetro disclosed an additional $3.6 million in related party transactions. The Company confirmed the existence of the SEC investigation on November 13, 2019, and additionally disclosed that the Audit Committee review uncovered material financial controls weaknesses and a previously undisclosed related-party transaction with Ian Denholm, ProPetro’s former Chief Accounting Officer.
If you currently own ProPetro common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.
Shuman Glenn & Stecker represents investors throughout the nation, concentrating its practice in stockholder litigation.