CARBO Ceramics Inc. (NYSE:CRR) Investor Files Lawsuit Following Stock Drop
An investor in NYSE:CRR shares filed a lawsuit against CARBO Ceramics over alleged securities laws violations. Deadline: April 9, 2012 and NYSE:CRR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWire) -- 02/13/2012 --The Shareholders Foundation announces that an investor in shares of NYSE:CRR filed a lawsuit in the U.S. Court for the Southern District of New York against CARBO Ceramics Inc over alleged Violations of Federal Securities Laws in connection with certain financial statements.
Investors who purchased shares of CARBO Ceramics Inc. (NYSE:CRR), have certain options and for certain NYSE:CRR stockholders there are short and strict deadlines running. Deadline: April 9, 2012. NYSE:CRR stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Carbo Ceramics, Inc. (NYSE:CRR) common stock during the period between October 27, 2011 and January 26, 2012, that Carbo Ceramics, Inc and certain of its officers and directors violated the under the Securities Exchange Act of 1934.
Specifically, the plaintiff alleges that between October 27, 2011 and January 26, 2012, defendants issued materially false and misleading statement regarding Carbo Ceramics’ business and prospects.
On October 27, 2011, CARBO Ceramics Inc. announced its Third Quarter 2011 Earnings. Among other things, CARBO Ceramics Inc. (NYSE: CRR) reported that its revenues for the third quarter of 2011 increased 41 percent, or $48.6 million, when compared to the third quarter of 2010 and its Net income for the third quarter of 2011 increased 83 percent, or $16.7 million, compared to the third quarter of 2010.
Shares of CARBO Ceramics Inc. (Public, NYSE:CRR) increased in November 2011 to almost $156 per share and traded on January 24, 2012 as high as $133 per share.
Then on January 26, 2012, CARBO Ceramics Inc. announced its Fourth Quarter and Fiscal Year 2011 Earnings. Among other things, CARBO Ceramics Inc said that: ”The severe decline in natural gas prices during the quarter led E&Ps to reduce capital spending in natural gas basins and increase capital spending in liquids-rich basins. The largest impact associated with this shift in capital spending was a reduction of approximately 70 percent in [its] Haynesville proppant sales volumes from the third quarter of 2011, which was partially offset by growth in the liquids-rich plays and international markets.”
NYSE:CRR shares fell from over $133 per share on January 25th to slightly above $103 on January 26th and declined to February 8, 2012 to as low as $90.46 per share.
Those who purchased shares of CARBO Ceramics Inc. (NYSE:CRR), have certain options and for certain NYSE:CRR stockholders there are short and strict deadlines running. Deadline: April 9, 2012. NYSE:CRR stockholders should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Media and Client Relations Manager
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/126793