SAN DIEGO, CA / ACCESSWIRE / March 1, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in shares of FTS International, Inc. (NYSE: FTSI) over alleged securities laws violations by FTS International, Inc. in connection with the Company's Initial Public Offering (''IPO'').
Investors, who purchased shares of FTS International, Inc. (NYSE: FTSI), have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
Fort Worth, TX based FTS International, Inc. provides hydraulic fracturing services in North America. Its services enhance hydrocarbon flow from oil and natural gas wells drilled by exploration and production companies (E&P), in shale and other unconventional resource formations. FTS International, Inc. went public in February 2018 and raised $351 million by offering 19.5 million shares at $18 per share. Shares of FTS International, Inc. (NYSE: FTSI) reached as high as $22.60 per share on May 22, 2018. Since then NYSE: FTSI shares declined to as low as $5.96 per share in December 2018.
The plaintiff alleges that the Registration Statement that was filed in connection with the Company's IPO was negligently prepared and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make adequate disclosures required under the rules and regulations governing the preparation of such documents.
More specifically, the plaintiff claims, among other allegations, that the Registration Statement failed to disclose that the hydraulic fracturing market was experiencing intense and increasing competition and a glut of increased supply as companies re-entered the market and increased output due to a rise in the price of commodities, that FTS International, Inc. was not positioned to capitalize on increased demand for hydraulic fracturing services in the industry overall, but rather was positioned to lose market share and suffer decelerating revenue growth and, ultimately, decreased revenues as competitors flooded the market and undercut the Company's prices for its services, even as commodity prices increased, and that as FTS International, Inc. suffered decreased demand for its services and intense price competition, it was not positioned to increase its fleet size by 19% in the nine months following the IPO, but rather needed to materially reduce its fleet size.
Those who purchased FTS International, Inc. (NYSE: FTSI) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.