NEW YORK, June 14, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (Nasdaq: TUSK) in the United States District Court for the Western District of Oklahoma on behalf of those who purchased or acquired the securities of Mammoth between October 19, 2017 through June 5, 2019, inclusive (the “Class Period”).
Investors who purchased the shares of Mammoth Energy Services, Inc. urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Mammoth Energy Services, Inc., you may, no later than August 6, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Mammoth Energy Services, Inc.
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The filed Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that:
- Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion;
- specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and
- as a result, Defendants’ statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On June 5, 2019, the Wall Street Journal published an article entitled “Puerto Rico Grid Contractor Caught Up in Federal Probes.” According to the article, the Department of Homeland Security’s Inspector General is investigating one of Mammoth’s subsidiaries to determine how the company “came to dominate the power restoration efforts” in Puerto Rico in the wake of Hurricane Maria. The Federal Bureau of Investigation has opened a related criminal investigation.
On this news, Mammoth’s share price fell $5.09 per share, or over 45%, over two trading sessions to close at $6.11 on June 6, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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