Carbo Ceramics Alert: The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary D...

DALLAS, Feb. 14, 2012 /PRNewswire/ -- Former United States Securities and 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 the firms are investigating legal claims against the officers and Board of Directors of Carbo Ceramics, Inc. ("Carbo Ceramics" or "CRR") (NYSE: CRR) related to potential securities violations between October 27, 2011 and January 26, 2012 (the "Class Period").

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If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free [phone], via e-mail at [e-mail], or Willie Briscoe at The Briscoe Law Firm, PLLC, [phone], or via email at [e-mail].  There is no cost or fee to you.

In a recently filed federal class action complaint, Carbo Ceramics and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934.  Specifically, the complaint alleges that during the Class Period, defendants misrepresented or failed to disclose the following adverse facts: (a) that Carbo Ceramics was experiencing a dramatic decline in proppant sales in the Haynesville region; (b) that Carbo Ceramics 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 Carbo Ceramics, its operations, and the company's 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 ending December 31, 2011.  That same day, the company held a conference call with securities analysts for investors in which it was revealed that Carbo Ceramics 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 announcements, the price of Carbo Ceramics/CRR common stock declined from $130.72 per share to $103.76 on heavy trading volume.

The 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.

Powers 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.

 

 

 

SOURCE Powers Taylor, LLP

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