Liberty Oilfield Services, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of those who acquired Liberty Oilfield Services, Inc. (“Liberty Oilfield” or the “Company”) (NYSE: LBRT) securities pursuant and/or traceable to the Company’s January 17, 2018 Initial Public Offering (“IPO”). Investors have until June 2, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the IPO materials failed to disclose to investors: (i) there was an oversupply in the hydraulic fracturing services market; (ii) the Company’s pricing power was weak; and (iii) the Company’s services were not increasing and its competition was not decreasing.
In January 2018, Liberty Oilfield held the IPO, issuing approximately 14.6 million of Liberty Oilfield Class A stock to the investing public at $17.00 per share.
On February 5, 2020, Liberty Oilfield issued a press release announcing its financial results for the fourth quarter and full year of 2019. The Company reported EBITDA of $277 million, a 37% decline year over year. The Company’s diluted earnings of $0.53 per share also fell far short of analyst estimates. On this news, Liberty Oilfield’s stock price fell $1.07, or over 12%, to close at $7.80 per share on February 6, 2020, far below the $17.00 IPO price.
If you acquired Liberty Oilfield securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.