Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Liberty Oilfield Services Inc. (LBRT)
/EIN News/ -- NEW YORK, April 06, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Liberty Oilfield Services Inc. (“Liberty” or the “Company”) (NYSE: LBRT) in the United States District Court for the District of Colorado on behalf of those who purchased or acquired the securities of Liberty pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Liberty’s January 17, 2018 initial public offering (the “IPO” or “Offering”). The lawsuit seeks to recover damages for Liberty investors under the federal securities laws.
The Complaint alleges that the Registration Statement 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.
Investors who purchased or otherwise acquired shares of Liberty pursuant to the IPO should contact the Firm prior to the June 2, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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