Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Carbo Ceramics, Inc.
February 09 2012 - 3:50PM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/carboceramics/) today announced that
a class action has been commenced in the United States District
Court for the Southern District of New York on behalf of purchasers
of Carbo Ceramics, Inc. (“Carbo Ceramics”) (NYSE:CRR) common stock
during the period between October 27, 2011 and January 26, 2012,
inclusive (the “Class Period”), seeking to pursue remedies under
the Securities Exchange Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Samuel H. Rudman
or David A. Rosenfeld of Robbins Geller at 800/449-4900 or
619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member
of this class, you can view a copy of the complaint as filed or
join this class action online at
http://www.rgrdlaw.com/cases/carboceramics/. 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.
The complaint charges Carbo Ceramics and certain of its officers
and directors with violations of the Exchange Act. The Company
manufactures and supplies ceramic proppants primarily used in the
hydraulic fracturing of natural gas and oil wells in the United
States and internationally.
The complaint alleges that, throughout the Class Period,
defendants issued materially false and misleading statement
regarding the Company’s business and prospects. Specifically,
defendants misrepresented and/or failed to disclose the following
adverse facts: (a) that the Company was experiencing a dramatic
decline in proppant sales in the Haynesville region; (b) that the
Company was being negatively impacted by logistical problems such
that it was not able to shift resources to liquid plays where
drilling activity was increasing; and (c) that, based on the
foregoing, defendants lacked a reasonable basis for their positive
statements about the Company, its operations and earnings during
the Class Period.
On January 26, 2012, Carbo Ceramics issued a press release
announcing its financial results for the fourth quarter and fiscal
year 2011, the periods ending December 31, 2011. That same day, the
Company held a conference call with securities analysts for
investors wherein it was revealed that the Company had seen a 70%
decline in proppant sales in the Haynesville region and that it had
been unable to shift resources to various liquid plays due to
logistical issues. In response to the Company’s announcements, the
price of Carbo Ceramics common stock declined from $130.72 per
share to $103.76 on heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers
of Carbo Ceramics common stock during the Class Period (the
“Class”). The plaintiff is represented by Robbins Geller, which has
expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and
state courts throughout the United States and has taken a leading
role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights
violations. The Robbins Geller web site (http://www.rgrdlaw.com)
has more information about the firm.
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