Mammoth Energy Services Inc. Securities Litigation
On or around 03/30/2020 (Date of last review)
Filing Date: June 07, 2019
According to the Complaint, Mammoth Energy Services Inc. purports to operate as an oilfield service company operating in three segments: Infrastructure Services, Pressure Pumping Services, and Natural Sand Proppant Services.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) 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 September 13, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on November 12, 2019. On March 9, 2020, Lead Plaintiffs filed a second amended Complaint.
Company & Securities Information
Defendant: Mammoth Energy Services Inc.
Industry: Oil & Gas - Integrated
Headquarters: United States
Ticker Symbol: TUSK
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Thomas Scuderi, et al. v. Mammoth Energy Services Inc., et al.