The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The purpose of this website is to inform you of the pendency of this class action (the “Action”) between Lead Plaintiffs Nykredit Portefølje Administration A/S, Oklahoma Firefighters Pension and Retirement System, Oklahoma Law Enforcement Retirement System, Oklahoma Police Pension and Retirement System, and Oklahoma City Employee Retirement System (together, “Lead Plaintiffs”), and additional named plaintiff Police and Fire Retirement System of the City of Detroit (together, with Lead Plaintiffs, “Plaintiffs”) and Defendants ProPetro Holding Corp. (“ProPetro”), Dale Redman, Jeffrey Smith, Ian Denholm, and Spencer D. Armour III (“Defendants”) and the proposed $30,000,000 settlement reached therein (the “Settlement”) and of the hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement as well as counsel’s application for fees and expenses.
If you are a member of the Settlement Class, you are subject to the Settlement. The Settlement Class consists of:
All persons or entities who, (a) purchased or otherwise acquired ProPetro common stock on the open market during the period from March 17, 2017 to March 13, 2020, both dates inclusive, and were damaged thereby; or (b) purchased ProPetro common stock in or traceable to ProPetro’s Initial Public Offering on March 17, 2017.
Excluded from the Settlement Class are: (i) Defendants; (ii) ProPetro’s affiliates and subsidiaries; (iii) the Officers and directors of ProPetro and its subsidiaries and affiliates at all relevant times; (iv) members of the Immediate Family of any excluded person; (v) heirs, successors and assigns of any excluded person or entity; and (vi) any entity in which any excluded person has or had a controlling interest. Also excluded from the Settlement Class are any persons and entities that submit a request for exclusion that is accepted by the Court. Instructions of on how to request exclusion are set forth on page 11 of the Notice.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu at the top of this page.
Payments to eligible claimants will be made only after the completion of all claims processing. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: |
| SUBMIT A PROOF OF CLAIM FORM |
The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before February 23, 2023. |
| EXCLUDE YOURSELF |
Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Settlement Class you should understand that Defendants will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before March 21, 2023. |
| OBJECT |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Settlement Class Member. Objections must be received by the Court and counsel on or before March 21, 2023. If you submit a written objection, you may (but do not have to) attend the hearing. |
| GO TO THE HEARING ON APRIL 11, 2023 |
Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before March 21, 2023. |
| DO NOTHING |
Receive no payment. You will, however, still be a Settlement Class Member, which means that you give up your right to ever be part of any other lawsuit against the Defendants about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
How do I obtain more information?
Detailed information about the Action is contained in the Notice available for download on the 'Notice' page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-877-917-0135 or emailing info@ProPetroSecuritiesLitigation.com or mailing a letter to:
ProPetro Securities Litigation
c/o JND Legal Administration
P.O. Box 91309
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.
© JND Legal Administration. All rights reserved.
