Judge: Shareholders Fail To Plead Fraud Against Hydraulic Fracturing Company

Mealey's (July 8, 2015, 12:29 PM EDT) -- PHOENIX — A federal judge in Arizona on June 24 dismissed a lawsuit brought by a group of shareholder plaintiffs who contended that a hydraulic fracturing company and its principals participated in an illicit bill-padding scheme that artificially boosted the company’s earnings. The judge said that the plaintiffs failed to plead a connection between any statement made by the defendants and a “cogent reason why that statement was false or misleading” (In Re: Nuverra Environmental Solutions Inc. Securities Litigation, No. 13-01800, D. Ariz.; 2015 U.S. Dist....
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