Legal Proceedings.
−Removed: In September 2019, a complaint, captioned Richard Logan, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v.
−Removed: ProPetro Holding Corp., et al., was filed against the Company and certain of its current and former officers and directors in the U.S.
−Removed: District Court for the Western District of Texas.
−Removed: In April 2020, Lead Plaintiffs Nykredit Portefølje Administration A/S, Oklahoma Firefighters Pension and Retirement System, Oklahoma Law Enforcement Retirement System, Oklahoma Police Pension and Retirement System, and Oklahoma City Employee Retirement System, and additional named plaintiff Police and Fire Retirement System of the City of Detroit, individually and on behalf of a putative class of shareholders who purchased the Company’s common stock between March 17, 2017 and March 13, 2020, filed a second amended class action complaint in the U.S.
−Removed: District Court for the Western District of Texas in the Logan Lawsuit, alleging violations of Sections 10(b) and 20(a) of the Exchange Act, as amended, and Rule l0b-5 promulgated thereunder, and Sections 11 and 15 of the Securities Act, as amended, based on allegedly inaccurate or misleading statements, or omissions of material facts, about the Company’s business, operations and prospects.
−Removed: In January 2020, Boca Raton Firefighters’ and Police Pension Fund filed a shareholder derivative suit in the U.S.
−Removed: District Court for the Western District of Texas against certain of the Company’s current and former officers and directors.
−Removed: The Company was named as a nominal defendant only.
−Removed: The claims include (i) breaches of fiduciary duties, (ii) unjust enrichment and (iii) contribution.
−Removed: Boca Raton did not quantify any alleged damages in its complaint but, in addition to attorneys’ fees and costs, Boca Raton seeks various forms of relief, including (i) damages sustained by the Company as a result of the Boca Raton Defendants’ alleged misconduct, (ii) punitive damages and (iii) equitable relief in the form of improvements to the Company’s governance and controls.
−Removed: In April 2020, Jye-Chun Chang filed a shareholder derivative suit in the U.S.
−Removed: District Court for the Western District of Texas against certain of the Company’s current and former officers and directors.
−Removed: The Company was named as a nominal defendant only.
−Removed: The claims include (i) violations of section 14(a) of the Exchange Act, (ii) breach of fiduciary duties, (iii) unjust enrichment, (iv) abuse of control, (v) gross mismanagement and (vi) waste of corporate assets.
−Removed: Chang did not quantify any alleged damages in its complaint but, in addition to attorneys’ fees and costs, Chang seeks various forms of relief, including (i) declaring that Chang may sustain the action on behalf of the Company, (ii) declaring that the Chang Defendants breached their fiduciary duties to the Company, (iii) damages sustained by the Company as a result of the Chang Defendants’ alleged misconduct, (iv) equitable relief in the form of improvements to the Company’s governance and controls and (v) restitution.
−Removed: In October 2019, the Company received a letter from the SEC indicating that the SEC has opened an investigation into the Company and requesting that the Company provide information and documents, including documents related to the Expanded Audit Committee Review and related events.
−Removed: The Company has cooperated and expects to continue to cooperate with the SEC’s investigation.
−Removed: We are presently unable to predict the duration, scope or result of the SEC’s investigation, the Logan Lawsuit, the Boca Raton Lawsuit, the Chang Lawsuit, or any other related lawsuit or investigation.
+Added: Disclosure concerning legal proceedings is incorporated by reference to “Note 15.
+Added: Commitments and Contingencies— Contingent Liabilities ” o f our Consolidated Financial Statements contained in this Annual Report.
From time to time, we may be subject to various other legal proceedings and claims incidental to or arising in the ordinary course of our business.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.