NEW YORK, NY / ACCESSWIRE / June 6, 2019 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/tusk.
The investigation concerns whether Mammoth and certain of its officers and/or directors have violated federal securities laws.
On May 24, 2019, the Wall Street Journal published an article entitled "FEMA Official Probed Over Puerto Rico Power Restoration". According to the article, a high-ranking Federal Emergency Management Agency official who oversaw the reconstruction of Puerto Rico's electrical grid after Hurricane Maria is under investigation for allegedly steering work to one of Mammoth's subsidiaries. The subsidiary had signed separate contracts worth up to $900 million and $945 million to repair downed transmission and distribution lines in Puerto Rico. Following publication of the article, Mammoth's stock price fell $0.50 per share, or roughly 4%, to close at $11.74 per share on May 24, 2019. Then, on June 5, 2019, the Wall Street Journal published a second article, entitled "Puerto Rico Grid Contractor Caught Up in Federal Probes". The article reported that the Federal Bureau of Investigation has launched a criminal inquiry into Mammoth's power restoration work in Puerto Rico, and that the Department of Homeland Security's Inspector General is probing the Company's "rates for linemen, equipment and security under $1.85B in contracts with the Puerto Rico Electric Power Authority." On this news, Mammoth's stock price fell $1.67 per share, or 14.91%, to close at $9.53 per share on June 5, 2019.
If you are aware of any facts relating to this investigation, or purchased Mammoth shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/tusk. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]