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Case Status:    ONGOING    
On or around 08/08/2019 (Ongoing date of last review)

Filing Date: August 07, 2019

According to the Complaint, Keane is one of the largest pure-play providers of integrated well completion services in the U.S., with a focus on complex, technically demanding completion solutions. With approximately 1.4 million hydraulic horsepower spread across 29 hydraulic fracturing fleets, 34 wireline trucks, 24 cementing pumps and other ancillary assets, Keane operates in the most active unconventional oil and natural gas basins in the U.S., including the Permian Basin, the Marcellus Shale/Utica Shale, the Eagle Ford Formation and the Bakken
Formation.

This is a stockholder class action brought by Plaintiff on behalf of himself and all other public stockholders of Keane Group, Inc. against Keane and the members of Keane’s Board of Directors for their violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 in connection with the proposed merger of Keane with C&J Energy Services, Inc.

On June 17, 2019, Keane and C&J issued a joint press release announcing that they had entered into an Agreement and Plan of Merger dated June 16, 2019. Under the terms of the Merger Agreement, each issued and outstanding share of C&J common stock will be converted into the right to receive 1.6149 shares of Keane common stock. Upon completion of the Proposed Transaction, Keane and C&J stockholders will each own approximately 50% of the combined company.

On July 16, 2019, Keane and C&J filed a joint proxy statement/prospectus on Form S-4 with the SEC. The Complaint alleges that the Registration Statement, which recommends that Keane stockholders vote in favor of the issuance of Keane common stock pursuant to the terms of the Merger Agreement, omits or misrepresents material information concerning, among other things: (i) C&J’s and Keane’s financial projections, relied upon by the Company’s and the special committee of the Board’s respective financial advisors, in their financial analyses; (ii) the data and inputs underlying the financial valuation analyses that support the fairness opinions provided by the respective financial advisors; (iii) the background of the Proposed transaction; and (iv) potential conflicts of interest faced by the financial advisors.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FRAC
Company Market: New York SE
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.
COURT: S.D. Texas
DOCKET #: 19-CV-02924
JUDGE: Hon. Keith P Ellison
DATE FILED: 08/07/2019
CLASS PERIOD START: 06/17/2019
CLASS PERIOD END: 08/07/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
  2. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
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