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ProPetro Holding Corp.

Company NameProPetro Holding Corp.
Stock SymbolPUMP
Class PeriodMarch 17, 2017 to August 08, 2019
Lead Plaintiff Motion DeadlineNovember 05, 2019

In March 2017, the Company completed its initial public offering, in which it sold 25 million shares of common stock at $14.00 per share.

On August 8, 2019, after the market closed, the Company issued a press release delaying its second quarter earnings conference call and quarterly report, citing an ongoing review by its audit committee. In a Form 8-K filed with the SEC on the same day, the Company stated that the review concerned, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Form 8-K also stated that approximately $370,000 had been improperly reimbursed to members of senior management since the IPO. Moreover, the Company expected to report a material weakness in its internal control over disclosure.

On this news, the Company’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share on August 9, 2019, thereby injuring investors.

By the commencement of this action, ProPetro stock was trading as low as $11.44 per share, a nearly 18% decline from the $14 per share IPO price.

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Shares Purchased

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Shares Sold

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