Robbins Umeda LLP Announces an Investigation of Carbo Ceramics, Inc.
February 13 2012 - 3:13PM
Business Wire
Shareholder rights firm Robbins Umeda LLP is investigating
possible breaches of fiduciary duty and other violations of the law
by certain officers and directors at Carbo Ceramics, Inc. (NYSE:
CRR). Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Gregory E.
Del Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the
shareholder information form on the firm's website.
Robbins Umeda LLP's investigation focuses on whether officials
at Carbo Ceramics breached their fiduciary duties to shareholders
and maintained inadequate controls to the detriment of the company
and investors. The firm is investigating allegations that
members of the board of directors issued improper statements
concealing the fact that: (1) the company was experiencing a
dramatic decline in proppant sales in the Haynesville region; and
that (2) the company was being negatively impacted by logistical
problems such that it was unable to shift resources to liquid plays
where drilling activity was increasing.
Carbo Ceramics investors were first alerted to the true
condition of the company's business on January 26, 2012, when Carbo
Ceramics announced that the company had experienced a 70% decline
in proppant sales in the Haynesville region and that it had been
unable to shift resources due to logistical issues. On this news,
the value of the company's stock declined from $130.72 per share to
$103.76 per share. In addition, since these facts have emerged,
Carbo Ceramics has increasingly become the focus of costly public
and legal scrutiny.
Robbins Umeda LLP highlights that Carbo Ceramics shareholders
have the option to file a shareholder derivative action to hold
those officers and directors accountable for damaging the company.
Remedies commonly sought in derivative actions include corporate
governance reforms designed to prevent future misconduct, removal
of officers or directors whose misconduct injured the corporation,
and monetary payments in the form of damages and disgorgement of
ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/carbo-ceramics-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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