We are investigating ProPetro Holding Corp. (PUMP) (“ProPetro” or the “Company”) for potential violations of federal securities laws.
On August 8, 2019, after the market closed, ProPetro issued a press release disclosing that it delayed its second quarter earnings conference call in order to allow additional time to complete its Quarterly Report on Form 10-Q for the three months ended June 30, 2019. The Company cited “an ongoing review by the audit committee of the Company’s board of directors which initially focused on the disclosure of agreements previously entered into by the Company with AFGlobal for the purchase of DuraStim® hydraulic fracturing fleets and effective communications related thereto,” as the reason for its delayed filing. On this news, ProPetro’s share price fell $4.59 per share, or over 25%, to close at $12.75 on August 9, 2019.