The Law Firm of Levi & Korsinsky Notifies Investors with Losses on Their Investment in Carbo Ceramics, Inc. of Class Action L...
March 20 2012 - 4:13PM
Business Wire
Levi & Korsinsky announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of investors who purchased Carbo
Ceramics, Inc. (“Carbo” or the “Company”) (NYSE: CRR) stock between
October 27, 2011 and January 26, 2012 (the “Class Period”).
For more information, click here:
http://www.zlk.com/carbo-ceramics-crr.
Carbo Ceramics manufactures and supplies ceramic proppants
primarily used in the hydraulic fracturing of natural gas and oil
wells. The complaint alleges that, throughout the Class Period,
defendants issued materially false and misleading statement
regarding the Company’s business and prospects. Specifically, it is
alleged that 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, ending December 31, 2011. That same day, the Company
held a conference call 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 fell from $130.72 per share to $103.76 on heavy trading
volume.
If you suffered a loss in Carbo Ceramics you have until April 9,
2012 to request that the Court appoint you as lead plaintiff. Your
ability to share in any recovery doesn't require that you serve as
a lead plaintiff. To obtain additional information, contact Joseph
E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at
(877) 363-5972, or visit http://www.zlk.com.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. Attorney advertising. Prior results do not guarantee
similar outcomes.
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