A lawsuit was filed on behalf of investors in Mammoth Energy Services, Inc. (NASDAQ: TUSK) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/19/2019 -- An investor, who purchased shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK), filed a lawsuit over alleged violations of Federal Securities Laws by Mammoth Energy Services, Inc.
Investors who purchased shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2019. NASDAQ: TUSK investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Oklahoma City, OK based Mammoth Energy Services, Inc. operates as an oilfield service company. On May 24, 2019, an article was published entitled "FEMA Official Probed Over Puerto Rico Power Restoration". According to the article, a high-ranking Federal Emergency Management Agency official who oversaw the reconstruction of Puerto Rico's electrical grid after Hurricane Maria is under investigation for allegedly steering work to Cobra, a Mammoth subsidiary. The subsidiary had signed separate contracts worth up to $900 million and $945 million to repair downed transmission and distribution lines in Puerto Rico.
The plaintiff claims that between October 19, 2017 through June 5, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Mammoth's subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion, that specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process, and thatas 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.
Those who purchased shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) have certain options and should contact the Shareholders Foundation.
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