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Investigations  /  06.10.2019

Shareholder Investigation of Mammoth Energy Services

Mammoth Energy Services, Inc. (TUSK) Subsidiary’s Contracts Are Being Investigated

According to the complaint for alleged violations of the Securities Exchange Act of 1934 between October 19, 2017 and June 5, 2019, in October 2017, Mammoth Energy Services, Inc. (TUSK) announced that its subsidiary, Cobra Acquisitions LLC, entered into a contract with Puerto Rico Electric Power Authority (“PREBA”) to aid in the Puerto Rico’s rebuilding efforts. In May 2018, Mammoth announced that Cobra had entered in a second $900 million contract with PREBA. In total, Cobra had two emergency master services agreements for up to approximately $1.8 billion of services. In May 2019, the Wall Street Journal revealed that the Federal Energy Management Agency Deputy Regional Administrator was under investigation by a federal agency over allegations that she steered work to Cobra. On this news, Mammoth’s shares fell over 10% over the next three trading days. Then, in June 2019, The Wall Street Journal published another article reporting that a federal agency had opened a related criminal inquiry into the origin of Cobra’s contracts with PREPA. On this news, Mammoth’s shares fell over 45% over the next two trading days to close at $6.11 per share on June 6, 2019.

Mammoth Energy Services, Inc. (TUSK) Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can please send us a message via the Shareholder Information form below.

Shareholder Information

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Please Note: Neither the submission to nor the receipt of information by Robbins Arroyo LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

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