Glancy Prongay & Murray LLP ("GPM"), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased Liberty Oilfield Services Inc. ("Liberty" or "the Company") (NYSE: LBRT) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with the Company’s January 17, 2018 initial public offering (the "IPO" or "Offering"). Liberty investors have until June 2, 2020 to file a lead plaintiff motion.
If you suffered a loss on your Liberty investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email firstname.lastname@example.org or visit our website at www.glancylaw.com to learn more about your rights.
On February 5, 2020, after the market closed, Liberty issued a press release announcing its financial and operations results for fourth quarter and full year 2019. Therein, Liberty reported full year adjusted EBITDA of $277 million, or a 37% decline over the prior year, and diluted earnings per share of $0.53, which fell significantly short of analyst forecasts.
On this news, Liberty's stock price fell $1.07, or over 12%, to close at $7.80 per share on February 6, 2020, thereby injuring investors.
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that there was an oversupply in the hydraulic fracturing services market; (2) that the Company's pricing power was weak; (3) that 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.
If you purchased Liberty securities pursuant and/or traceable to the IPO, you may move the Court no later than June 2, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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