Izard Nobel LLP Announces Class Action Lawsuit Against Carbo Ceramics, Inc.
February 09 2012 - 5:19PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Southern District of
New York on behalf of purchasers of the common stock of Carbo
Ceramics, Inc. ("Carbo" or the "Company") (NYSE: CRR) between
October 27, 2011 and January 26, 2012, inclusive (the "Class
Period").
The Complaint alleges Carbo and certain of its officers and
directors violated the federal securities laws. Specifically,
defendants failed to disclose the following adverse facts: (i) that
Carbo was experiencing a dramatic decline in proppant sales in the
Haynesville region; (ii) 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 (iii) that, based on the foregoing, defendants lacked a
reasonable basis for their positive statements about Carbo, its
operations and earnings during the Class Period.
On January 26, 2012, Carbo issued a press release announcing its
financial results for the fourth quarter and fiscal year 2011. That
same day, the Company held a conference call wherein it was
revealed that Carbo 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. On this news,
Carbo common stock fell from $130.72 to $103.76.
If you are a member of the class, you may, no later than April
9, 2012, request that the Court appoint you as lead plaintiff of
the class. A lead plaintiff is a class member that acts on behalf
of other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/carboceramics/, or contact Izard Nobel
LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com.
For more information about class action cases in general, please
visit our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa (800) 797-5499 www.izardnobel.com
firm@izardnobel.com
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