The Newsroom

Investigations  /  04.02.2020

Investigation of ProPetro Holding Corp.

You Have Legal Options

ProPetro Holding Corp. (PUMP) Reveals Multiple Weaknesses in Financial Reporting

According to the complaint for alleged violations of the Securities Exchange Act of 1934 between March 17, 2017 and August 8, 2019, on March 27, 2018, ProPetro filed its annual report for fiscal year 2017 touting revenue of $981.86 million and stating in relevant part that the Company had concluded that its disclosure controls and procedures “were effective at the reasonable assurance level.” In its annual report on 10-K for fiscal year 2018, ProPetro touted increasing revenue of $1.7 billion and maintained its statement on its disclosure controls and procedures. Then, in August 2019, the Company had disclosed that it was conducting an audit concerning, amongst other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest and that $370,000 had been improperly reimbursed to members of senior management. In addition to the Company’s internal audit, ProPetro remains under investigation by the SEC. On this news, ProPetro’s share price fell $4.59, or over 26%, to close at $12.75. Finally, on February 24, 2020, ProPetro revealed that a board committee had found multiple material weaknesses related to its financial reporting and disclosures and consequently the Company announced it was unable to timely file its annual report.

  • If you would like more information about your rights and potential remedies please send us a message. 

  • Please Note: Neither the submission to nor the receipt of information by Robbins LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

How can we help you?

CONTACT US TODAY | 1 800 350 6003 or [email protected]

Tell us your concerns