Why ProPetro Holding Stock Is Cratering Today
Shares of ProPetro Holding (NYSE: PUMP) tumbled more than 30% by 1:00 p.m. EDT on Friday. Driving down the oilfield service company's stock was a delay in filing its quarterly report due to an ongoing review of its financials.
ProPetro Holding announced that it has delayed filing its second-quarter Form 10-Q with the SEC. That's after the company expanded its current investigation to include "expense reimbursements and certain transactions involving related parties or potential conflicts of interest." This additional work resulted in the company reversing some of the reimbursements, as well as tightening up its internal controls. However, it has yet to identify any items that would result in it revising or restating its financial results.
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Source Fool.com
