Wolf Haldenstein Announces Investigation of Nuverra Environmental Solutions, Inc.
Wolf Haldenstein Announces Investigation of Nuverra Environmental Solutions, Inc.
NEW YORK--(BUSINESS WIRE)-- The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating potential federal securities claims against Nuverra Environmental Solutions, Inc. ("Nuverra" or the "Company") (NYS: NES) and certain of its officers and directors in connection with allegations that the Company made materially false and misleading statements regarding its financial performance and business prospects.
In particular, the Company allegedly misrepresented or failed to disclose that (i) it was overleveraged and experiencing a liquidity crisis; (ii) it was experiencing a significant decline in its operational results, especially in the Eagle Ford Shale area; and (iii) its default risk materially increased because of its poor financial performance.
On July 30, 2013, the Company issued a press release announcing its preliminary financial results for the quarter ended June 30, 2013 and, in particular, that its earnings before interest taxes depreciation and amortization ("EBITDA") were, in fact, significantly lower than previously projected. On this news, the price of Nuverra common stock dropped more than 30% to close at $3.04 per share on July 30, 2013.
Less than one month later, on August 23, 2013, it was reported in the news that the Company's financial outlook had been severely impaired by, among other things, a series of ill-advised acquisitions. On this news, the price of Nuverra common stock declined another 11.76%, closing at $2.40 per share on August 26, 2013.
Wolf Haldenstein has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
Please contact us no later than November 4, 2013 if you own Nuverra common stock and wish to discuss this matter with us, or have any questions concerning your rights and interests.
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory M. Nespole
800-575-0735
212-545-4600
Classmember@whafh.com or Nespole@whafh.com and please reference "Nuverra Investigation"
KEYWORDS: United States North America New York
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