PRESS RELEASE---February13, 2012---The Murphy Law Firm today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Carbo Ceramics, Inc. (“Carbo Ceramics”) (NYSE:CRR) common stock during the period between October 27, 2011 and January 26, 2012, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 9, 2012. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Bruce Murphy at 772-231-4202 or email bgm@brucemurphy.biz. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Carbo Ceramics and certain of its officers and directors with violations of the Exchange Act. The Company manufactures and supplies ceramic proppants primarily used in the hydraulic fracturing of natural gas and oil wells in the United States and internationally.
The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statement regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing a dramatic decline in proppant sales in the Haynesville region; (b) that the Company was being negatively impacted by logistical problems such that it was not able to shift resources to liquid plays where drilling activity was increasing; and (c) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its operations and earnings during the Class Period.
On January 26, 2012, Carbo Ceramics issued a press release announcing its financial results for the fourth quarter and fiscal year 2011, the periods ending December 31, 2011. That same day, the Company held a conference call with securities analysts for investors wherein it was revealed that the Company had seen a 70% decline in proppant sales in the Haynesville region and that it had been unable to shift resources to various liquid plays due to logistical issues. In response to the Company’s announcements, the price of Carbo Ceramics common stock declined from $130.72 per share to $103.76 on heavy trading volume.
Bruce G. Murphy, Esq.
Law Offices of Bruce G. Murphy
Telephone: (772) 231-4202
bgm@brucemurphy.biz
