|[September 06, 2013]
Nuverra Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor LLP Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS --(Business Wire)--
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor LLP announce that a federal class action lawsuit has been
filed against Nuverra Environmental Solutions, Inc. ("Nuverra" or
"Company") (NYSE: NES) and several of its officers and directors for
acts taken place during the period of March 12, 2013 to August 23, 2013
(the "Class Period").
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and Board of
Directors of Nuverra. If you are an affected Nuverra shareholder and
want to learn more about the lawsuit or join the action, contact Willie
riscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com,
or Zach Groover at Powers Taylor LLP, toll free (877) 728-9607, via
e-mail at email@example.com.
There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain
provisions of the Securities Exchange Act of 1934. Specifically, the
complaint alleges that defendants misrepresented and/or failed to
disclose that, among other things: (a) rather than the outsized growth
requiring the hiring of additional employees and the deployment of
additional capital producing assets to expand operations, the Company
was not experiencing any organic growth in its Shale Solutions segment;
(b) Nuverra's business in the Baaken basin area reduced due to an
increase in competition from new trucking companies; (c) oversupply of
tanks and other rental products caused a collapse in rental rates; (d)
oil and gas exploration and production companies had been investing in
their own gathering and disposal systems for water; (e) certain fracking
projects were not completed due to snow in the first quarter of 2013 and
rain in the second quarter of 2013; (f) the assets acquired in the TFI
acquisition were not producing due to weakness in the used oil market
and Nuverra's Industrial Solutions segments were declining; (g) Nuverra
was experiencing operational problems in its Eagle Ford area; (h)
Nuverra was employing high-priced subcontractors in the Marcellus and
Utica shale areas, lowering its overall profit margins; and (i) due to
the above, Nuverra was not on track to achieve the financial results
Defendants had led the market to expect during the Class Period.
According to the complaint, when these facts were finally revealed to
the market, Nuverra's shares dropped dramatically.
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Taylor LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
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