PUMP.US
id: 466
The settlement funds have been distributed to claimants.
$30,000,000
Cash SettlementW.D. Texas
Court03/17/2017
Class period Start03/13/2020
Class period End02/23/2023
Claim deadlineNykredit Porteflje Administration A/S, et al. v. ProPetro Holding Corp., et al.
ProPetro Holding Corp. (PUMP) agreed to pay $30 million to settle a class action lawsuit to avoid further litigation.
All persons or entities who, (a) purchased or otherwise acquired ProPetro common stock on the open market during the period from March 17, 2017, to March 13, 2020, both dates inclusive, and were damaged thereby; or (b) purchased ProPetro common stock in or traceable to ProPetro’s Initial Public Offering on March 17, 2017.
The Complaint alleged that the Company and its Leaders failed to disclose to investors:
- that the Company’s executive officers were improperly reimbursed for certain expenses;
- that the Company had engaged in certain undisclosed transactions with related parties;
- that the Company lacked adequate disclosure controls and procedures;
- that the Company lacked effective internal control over financial reporting;
Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Nykredit Portefølje Administration A/S, Oklahoma Firefighters Pension and Retirement System, Oklahoma Law Enforcement Retirement System, Oklahoma Police Pension and Retirement System, Oklahoma City Employee Retirement System, Police, Fire Retirement System of the City of Detroit
Attorneys
Bernstein Litowitz Berger & Grossmann LLP (New York, NY), Clark Hill PLC (Lansing, MI), Grant & Eisenhofer, P.A. (New York, NY), Martin & Drought, P.C. (San Antonio, TX)
Judge
Hon. David Counts
Court hearing date
04/11/2023
Trades matching type
FIFO