NEW YORK, March 30, 2012 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Carbo Ceramics, Inc. ("Carbo" or the "Company") (NYSE: CRR) stock between October 27, 2011 and January 26, 2012 (the "Class Period").
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Carbo Ceramics manufactures and supplies ceramic proppants primarily used in the hydraulic fracturing of natural gas and oil wells. The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statement regarding the following adverse facts: (a) that the Company was experiencing a dramatic decline in proppant sales in the Haynesville region; (b) that the Company 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 the Company, its operations and earnings during the Class Period.
On January 26, 2012, Carbo Ceramics announced its financial results for the fourth quarter and fiscal year 2011 and revealed that the Company had seen a 70% decline in proppant sales in the Haynesville region. In response, the price of Carbo Ceramics common stock fell from $130.72 per share to $103.76.If you suffered a loss in Carbo Ceramics you have until April 9, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://www.zlk.com. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.