CASES
Carbo Ceramics, Inc.
Class Period: Oct 27, 2011 to Jan 26, 2012
Lead Plaintiff Deadline: Apr 9, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Carbo Ceramics, Inc. ("Carbo Ceramics" or the "Company") on behalf of purchasers of Carbo Ceramics between October 27, 2011 and January 26, 2012. This case has been filed in the USDC - Southern District of New York.
The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statement regarding the Company's business and prospects. Specifically, 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, the periods ending December 31, 2011. That same day, the Company held a conference call with securities analysts 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 declined from $130.72 per share to $103.76 on heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.