Lawsuit Overview
June 26, 2013 - The court granted the defendants' motion to dismiss and granted lead plaintiffs leave to file an amended complaint.
September 28, 2012 - Defendants filed a motion to dismiss.
August 14, 2012 - The lead plaintiffs filed an amended consolidated complaint.
June 22, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
June 26, 2013 - The lead plaintiff filed an amended complaint.
April 9, 2012 - Lead plaintiff motion was filed.
February 9, 2012 - An investor in shares of CARBO Ceramics Inc (NYSE: CRR) filed a lawsuit in the U.S. District Court for the Southern District of New York against CARBO Ceramics Inc over alleged violations of Federal Securities Laws in connection with certain financial statements.
According to the complaint the plaintiff alleges on behalf of purchasers of Carbo Ceramics Inc (NYSE: CRR) common stock during the period between October 27, 2011 and January 26, 2012, that Carbo Ceramics Inc and certain of its officers and directors violated the under the Securities Exchange Act of 1934.
Specifically, the plaintiff alleges that between October 27, 2011 and January 26, 2012, defendants issued materially false and misleading statement regarding CARBO Ceramics Inc’s business and prospects.
CARBO Ceramics Inc reported that its annual Revenue rose from $341.87 million in 2009 to $625.71 million in 2011 and its Net Income increased over the same time periods from $52.81 million to $130.14 million.
Shares of CARBO Ceramics Inc (NYSE: CRR) surged from as low as $27.43 per share in March 2009 to as high as $180 per share in July 2011. Since then NYSE: CRR stocks fell to roughly $94 per share in early October 2011.
Then on October 27, 2011, CARBO Ceramics Inc announced its Third Quarter 2011 Earnings. Among other things, CARBO Ceramics Inc (NYSE: CRR) reported that its revenues for the third quarter of 2011 increased 41 percent, or $48.6 million, when compared to the third quarter of 2010 and its net income for the Third Quarter of 2011 increased 83 percent, or $16.7 million, compared to the Third Quarter of 2010.
Shares of CARBO Ceramics Inc (NYSE: CRR) increased in November 2011 to almost $156 per share and traded on January 24, 2012 as high as $133 per share.
Then on January 26, 2012, CARBO Ceramics Inc announced its Fourth Quarter and Fiscal Year 2011 Earnings. Among other things, CARBO Ceramics Inc said that: ”The severe decline in natural gas prices during the quarter led E&Ps to reduce capital spending in natural gas basins and increase capital spending in liquids-rich basins. The largest impact associated with this shift in capital spending was a reduction of approximately 70 percent in [its] Haynesville proppant sales volumes from the Third Quarter of 2011, which was partially offset by growth in the liquids-rich plays and international markets.”
CARBO Ceramics Inc (NYSE: CRR) shares fell from over $133 per share on January 25, 2012 to slightly above $103 on January 26, 2012 and declined to February 8, 2012 to as low as $90.46 per share.