ProPetro Holding Corp.

Practice Area: 
Stock Symbol: 
PUMP
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating possible securities fraud claims against ProPetro (NYSE: PUMP) resulting from inaccurate statements ProPetro made regarding its internal controls, business practices, financial statements and prospects.

The investigation focuses on whether ProPetro issued false and misleading statements regarding its business practices and prospects.  Specifically, ProPetro failed to disclose that it had inadequate and deficient internal controls with respect to expense reimbursements and certain transactions involving related parties or potential conflicts of interest, including, but not limited to, certain expenses reimbursed to members of senior management, including the chief executive officer and chief financial officer, that were incorrectly recorded as expenses of ProPetro and appropriately allocable to the officers individually.  On August 8, 2019, ProPetro announced that its continuing internal review of the adequacy of its internal controls would result in the delay of its filing of its quarterly report on Form 10-Q.