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Investigations  /  09.18.2019

Investigation of ProPetro Holding Corp.

ProPetro Holding Corp. (PUMP) Accused of Misleading Investors in IPO

According to the class action complaint against the company for alleged violations of the Securities Exchange Act of 1934, ProPetro held its initial public offering in March 2017, offering 25,000,000 common shares at $14 per share, receiving proceeds of approximately $175 million. In its registration documents, ProPetro stated its board of directors was prepared to “adopt a code of business conduct and ethics in connection with the completion of this offering” and assured that ProPetro would conduct quarterly reviews of its related-party transactions to ensure proper compliance. Then, on August 8, 2019, ProPetro issued a press release stating that it needed to delay its second quarter report and earnings call due to an ongoing review by its audit committee concerning expense reimbursements, including $370,000 improperly reimbursed to senior management, and other transactions involving related parties or conflicts of interest. On this news, ProPetro’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share. ProPetro’s stock currently trades at around $10.00, an almost 29% decline from its IPO price.

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