NEW YORK, May 20, 2020 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Liberty Oilfield Services Inc. ("Liberty Oilfield" or the "Company") of the June 2, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Liberty Oilfield stock or options pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with Liberty Oilfield's January 2018 initial public offering (the "IPO" or "Offering"), and would like to discuss your legal rights, click here: www.faruqilaw.com/LBRT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rg[email protected].
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of all those who purchased Liberty Oilfield securities pursuant and/or traceable to the Registration Statement in connection with the Company's January 2018 IPO. The case, Joseph v. Liberty Oilfield Services, Inc. et al., No. 1:20-cv-00946 was filed on April 3, 2020, and has been assigned to Magistrate Judge Scott T. Varholak.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by issuing a Registration Statement that featured false and/or misleading statements and/or failed to disclose that: (1) there was an oversupply in the hydraulic fracturing services market; (2) the Company's pricing power was weak; (3) the Company's services were not increasing and its competition was not decreasing; and (4) as a result, defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
The price of Liberty Oilfield's securities has plummeted since the IPO. Liberty Oilfield securities have traded significantly lower than the IPO price of $17.00 per share.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Liberty Oilfield's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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