Lieff Cabraser Reminds Nuverra Environmental Solutions, Inc. Investors of Upcoming Deadline in Class
Lieff Cabraser Reminds Nuverra Environmental Solutions, Inc. Investors of Upcoming Deadline in Class Action Lawsuit - NES
SAN FRANCISCO--(BUSINESS WIRE)-- Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the November 4, 2013 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of those who purchased or otherwise acquired the common stock of Nuverra Environmental Solutions, Inc. ("Nuverra" or the "Company") (NYS: NES) between November 11, 2011 and August 23, 2013, inclusive (the "Class Period").
If you purchased or otherwise acquired the common stock of Nuverra during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 4, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
The actions charge Nuverra and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The actions allege that throughout the Class Period, defendants misrepresented and/or failed to disclose: (a) that Nuverra was suffering from a severe liquidity crisis; (b) that the Company was undergoing a significant decline in its operational results, especially in the Eagle Ford Shale area; (c) that as a result of the Company's poor financial performance, Nuverra's default risk materially increased and the Company faced potential defaults on its covenants; and (d) based upon the above, defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.
On July 30, 2013, the Company issued a press release announcing its preliminary financial results for the quarter ended June 30, 2013. Nuverra stated that its earnings before interest taxes depreciation and amortization ("EBITDA") would be 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.
On August 23, 2013, after markets closed, Seeking Alpha.com published a report that disclosed, among other things, information concerning the Company's acquisition of Badlands Power Fuels, LLC, and discussed how that acquisition was hampering the Company's financial performance. On this news, the price of Nuverra common stock declined an additional 11.76%, to close at $2.40 per share on August 26, 2013.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 415-956-1000
KEYWORDS: United States North America California
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