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Investigations  /  06.10.2019

Shareholder Investigation of Mammoth Energy Services

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Mammoth Energy Services, Inc. (TUSK) Subsidiary’s Contracts Are Being Investigated

According to the complaint for alleged violations of the Securities Exchange Act of 1934 between October 19, 2017 and June 5, 2019, in October 2017, Mammoth Energy Services, Inc. (TUSK) announced that its subsidiary, Cobra Acquisitions LLC, entered into a contract with Puerto Rico Electric Power Authority (“PREBA”) to aid in the Puerto Rico’s rebuilding efforts. In May 2018, Mammoth announced that Cobra had entered in a second $900 million contract with PREBA. In total, Cobra had two emergency master services agreements for up to approximately $1.8 billion of services. In May 2019, the Wall Street Journal revealed that the Federal Energy Management Agency Deputy Regional Administrator was under investigation by a federal agency over allegations that she steered work to Cobra. On this news, Mammoth’s shares fell over 10% over the next three trading days. Then, in June 2019, The Wall Street Journal published another article reporting that a federal agency had opened a related criminal inquiry into the origin of Cobra’s contracts with PREPA. On this news, Mammoth’s shares fell over 45% over the next two trading days to close at $6.11 per share on June 6, 2019.

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