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
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. 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