NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP reminds investors that approximately five weeks remain to make a motion to serve as lead plaintiff in a securities class action lawsuit alleging claims on behalf of those who purchased or acquired the securities of Mammoth Energy Services Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) from October 19, 2017 through June 5, 2019, both dates inclusive (the “Class Period”). The lawsuit, which alleges claims under the Securities Exchange Act of 1934, seeks to recover Mammoth shareholders’ investment losses.
If you purchased Mammoth securities, and/or would like to discuss your legal rights and options please visit Mammoth TUSK Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, Defendants’ statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On May 24, 2019, the Wall Street Journal published an article entitled “FEMA Official Probed Over Puerto Rico Power Restoration,” stating that the Federal Emergency Management Agency (“FEMA”) Deputy Regional Administrator was under investigation by the Department of Homeland Security (“DHS”), relieved of her duties and placed on administrative leave over allegations that she steered work to Mammoth’s subsidiary, Cobra. On this news, the Company’s shares fell $1.25 per share or approximately 10% over the next three trading days on unusually high volume to close at $10.99 per share on May 29, 2019, damaging investors.
Then, on June 5, 2019, while the market was open, the Wall Street Journal published an article entitled Puerto Rico Grid Contractor Caught Up in Federal Probes, stating that the Federal Bureau of Investigation had “opened a related criminal inquiry” into the origin of Cobra’s contracts with PREPA. On this news, the Company’s shares fell $5.09 per share, or over 45% over the next two trading days, to close at $6.11 per share on June 6, 2019, further damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 6, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Mammoth securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/mammothenergyservices-tusk-shareholder-class-action-lawsuit-fraud-stock-141/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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