UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 15, 2014
Nuverra
Environmental Solutions, Inc.
(Exact name of registrant as specified in its charter)
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| Delaware |
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001-33816 |
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26-0287117 |
| (State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
14624 N. Scottsdale Road, Suite #300, Scottsdale, Arizona 85254
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code
(602) 903-7802
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 |
Results of Operations and Financial Condition |
On July 16, 2014, Nuverra Environmental Solutions, Inc. (the
“Company”) issued a press release relating to the settlement of a previously disclosed lawsuit filed against its subsidiary Heckmann Water Resources (CVR), Inc. in the District Court of Dimmit County, Texas. The Company has agreed to fund
$5.5 million of the total settlement amount to fully resolve the matter. Terms of the settlement, including the total settlement amount and the portion paid by the Company’s insurer, are confidential. The comprehensive settlement includes all
plaintiffs and the Company’s insurer and releases the Company and all of its subsidiaries from any future claims or liability related to this matter. The settlement was approved by the District Court of Dimmit County on July 15, 2014.
The lawsuit arose out of a vehicle accident that occurred in May 2012 and involved a Heckmann Water Resources (CVR), Inc. truck and one other
vehicle. In late 2013, a Dimmit County jury awarded damages against Heckmann Water Resources (CVR), Inc. totaling $281.6 million.
| Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
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| Exhibit Number |
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Description |
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| 99.1 |
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Press Release, dated July 16, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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NUVERRA ENVIRONMENTAL SOLUTIONS, INC. |
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| Date: July 16, 2014 |
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By: |
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/s/ Joseph M. Crabb |
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Joseph M. Crabb Executive Vice President
& Chief Legal Officer |
EXHIBIT INDEX
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| Exhibit Number |
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Description |
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| 99.1 |
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Press Release, dated July 16, 2014. |
Exhibit 99.1
NUVERRA ENTERS INTO SETTLEMENT AGREEMENTS IN TEXAS COURT CASE
INVOLVING SUBSIDIARY HECKMANN WATER RESOURCES (CVR), INC.
SCOTTSDALE, Ariz. (July 16, 2014) – Nuverra Environmental Solutions, Inc. (NYSE: NES), (“Nuverra” or the “Company”) announced
today that it has entered into agreements to fully settle all claims related to a previously disclosed lawsuit filed against its subsidiary Heckmann Water Resources (CVR), Inc. in the District Court of Dimmit County, Texas, arising from a vehicle
accident.
Nuverra has agreed to fund $5.5 million of the total settlement amount to fully resolve the matter. The settlements were fully approved by the
District Court of Dimmit County on July 15, 2014. Terms of the settlements, including the total settlement amounts and the portion paid by the Company’s insurer, are confidential. These settlement agreements include all plaintiffs and the
Company’s insurer and release Nuverra and all of its subsidiaries from all past and future claims or liabilities related to this matter.
The Company
will take a charge related to the settlement in the second quarter ended June 30, 2014, which will include the $5.5 million one-time cash payment and related legal fees and defense costs.
The vehicle accident occurred in May 2012 and involved a Heckmann Water Resources (CVR), Inc. truck and one other vehicle. In December 2013, a Dimmit County
jury awarded damages against Heckmann Water Resources (CVR), Inc. totaling $181 million in compensatory damages and $100 million in punitive damages, which were subsequently reduced in the judgment by the District Court of Dimmit County, Texas as a
result of post-trial motions. The Company initially disclosed the jury verdict in a press release dated December 8, 2013.
About Nuverra Environmental
Solutions, Inc.
Nuverra Environmental Solutions is among the largest companies in the United States dedicated to providing comprehensive and
full-cycle environmental solutions to customers in energy and industrial end-markets. Nuverra focuses on the delivery, collection, treatment, recycling, and disposal of restricted solids, water, wastewater, used motor oil, spent antifreeze, waste
fluids and hydrocarbons. The Company continues to expand its suite of environmentally compliant and sustainable solutions to customers who demand stricter environmental compliance and accountability from their service providers.
Interested parties can access additional information about Nuverra on the Company’s web site at http://www.nuverra.com, and in documents filed with the
United States Securities and Exchange Commission, on the SEC’s web site at http://www.sec.gov.
Forward-Looking Statements
Certain statements in this press release which are not historical facts may constitute “forward-looking statements” within the meaning of the safe
harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to assist
in identifying such forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the Company’s expectations regarding the process for implementation of the settlement and other
matters that involve known and unknown risks, uncertainties and other factors that may cause the outcome to differ materially
from that expressed or implied by this press release. Such risk factors include, among others: uncertainties relating to the implementation of the settlement in accordance with the final
settlement documentation and related court filings, potential violation of the terms of the settlement documentation and related court filings by one or more of the parties, the potential impact of any trial court or appellate court action, and the
potential impact of any unforeseen additional litigation related to this matter. Additional risks and uncertainties relating to the Company’s business are set forth in the Company’s Form 10-Q for the three months ended March 31, 2014, its
Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as well as the Company’s other reports filed with the United States Securities and Exchange Commission, which are available at http://www.sec.gov and the Company’s web
site at http://www.nuverra.com. As a result of the foregoing considerations, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. All forward-looking statements are
qualified in their entirety by this cautionary statement. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Nuverra Environmental Solutions
Nuverra Environmental
Solutions, Inc.
Liz Merritt, 602-903-7802
VP-Investor
Relations & Communications
ir@nuverra.com