Update on the Distribution of Net Settlement Fund
The Court has approved the distribution of the net settlement fund to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following dates:
November 27, 2023 

Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.

If you have any questions, please contact the Claims Administrator whose contact information is listed here below: 
877-917-0135, info@ProPetroSecuritiesLitigation.com

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 $30,000,000 settlement reached therein (the “Settlement”).

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 submitted a request for exclusion that was accepted by the Court. 

On May 11, 2023, the Court held the final hearing to consider approval of the Settlement and related matters. Following the hearing, the Court entered a final Judgment approving the Settlement and orders approving the Plan of Allocation and awarding attorney's fees and litigation expenses.

Please read the Notice to fully understand your rights and options. A copy of the Notice can be found in the menu at the top of this page.

The deadline for submission of Claim Forms was February 23, 2023, and the processing of claims submitted in the Action has now concluded. On October 17, 2023, Lead Counsel filed the Distribution Motion seeking Court approval to distribute the net settlement fund. On October 18, 2023, the Court approved Counsel’s application for the distribution of funds and the initial distribution took place on November 27, 2023. The second distribution will occur in the first half of 2025. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.

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.