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May 3, 2021 - The court preliminarily approved the settlement.
January 26, 2021 - A settlement-in-principle was reached by the parties.
March 30, 2020 - A motion to dismiss the second amended complaint was filed.
March 9, 2020 - A second amended complaint was filed.
November 12, 2019 - An amended complaint was filed.
June 7, 2019 - An investor in shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) filed a lawsuit in the U.S. District Court for the Western District of Oklahoma over alleged violations of Federal Securities Laws by Mammoth Energy Services, Inc. in connection with certain allegedly false and misleading statements made between October 19, 2017 through June 5, 2019. Oklahoma City, OK based Mammoth Energy Services, Inc. operates as an oilfield service company. Mammoth Energy Services, Inc. reported that its annual Total Revenue rose from $691.49 million in 2017 to over $1.69 billion in 2018 and that its Net Income increased from $58.96 million in 2017 to $235.96 million in 2018.
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. Shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) declined from $42.30 per share in June 2018 to as low as $10.30 per share on May 31, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Mammoth Energy Services, Inc. (NASDAQ: TUSK) common shares between October 19, 2017 through June 5, 2019, that the defendants violated Federal Securities Laws. More specifically, 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.