Via AP Business

Press release content from Business Wire. The AP news staff was not involved in its creation.


The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP ) concerning whether the board breached its fiduciary duties to shareholders.

If you are a shareholder, click here to participate.

On August 8, 2019, ProPetro issued a series of material misstatements and omissions to investors regarding, among other things: (1) ProPetro’s executive officers were improperly reimbursed for certain expenses; (2) ProPetro had engaged in certain undisclosed transactions with related parties; (3) ProPetro lacked adequate disclosure controls and procedures; and (4) ProPetro lacked effective internal control over financial reporting.

Following the filing of a securities lawsuit against ProPetro, co-founders Phillip Gobe and Dale Redman lost their titles of principal executive and finance chief, respectively. Gobe and Redman agreed to reimburse the Company for expenses that were billed to ProPetro.

On October 18, 2019, Reuters reported that the SEC was investigating the Company’s financial disclosures. Culper Research also published a report which called the Company’s internal review “a farce[.]” Finally, on November 13, 2019, another $3.6 million in related party transactions was revealed to the public.

Follow us for updates on Twitter:

If you own ProPetro shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to, or visit our website at If you inquire by email please include your mailing address, telephone number and number of shares purchased.

READ ALSO  Thanks, but no thanks - Energy companies give the Arctic the cold shoulder | Business

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on

CONTACT: The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007



SOURCE: The Law Offices of Frank R. Cruz

Copyright Business Wire 2020.

PUB: 03/27/2020 11:51 PM/DISC: 03/27/2020 11:51 PM