According to the Complaint, Mammoth Energy Services Inc. purports to operate as an oil field 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. Defendants filed a Motion to Dismiss the second amended Complaint on March 30. On January 26, 2021, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On March 16, the parties notified the Court that they had reached a settlement-in-principle. The parties entered into a Stipulation and Agreement of Settlement on April 30. On May 4, the Court granted preliminary approval of the Settlement. On September 21, the Court granted final approval of the Settlement and entered Final Judgment.