| Company: | Newpark Resources, Inc. |
| Ticker Symbol: | NYSE: NR |
| Class Period: | February 28, 2005 to April 16, 2006 |
| Date Filed: | Apr-21-06 |
| Lead Plaintiff Deadline: | Jun-20-06 |
| Court: | Eastern District, LA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Eastern District of Louisiana on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Newpark Resources, Inc. ("Newpark" or the "Company") (NYSE:NR) between February 28, 2005 and April 16, 2006 (the "Class Period").
The Complaint charges Newpark and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Newpark's business and operations caused the Company's stock price to become artificially inflated, inflicting damages on investors. Newpark provides fluids management, environmental, and oilfield services, including drilling fluids sales, engineering services and onsite drilling fluids processing services, to the oil and gas exploration and production industry. The Complaint alleges that defendants' Class Period representations regarding Newpark were materially false and misleading when made because the Company failed to disclose irregularities with the processing and payment of invoices by the Company's subsidiary, Soloco Texas, LP. As a result, defendants' Class Period statements concerning Newpark's operations and financial performance were materially false and misleading.
On April 17, 2006, Newpark issued a press release announcing a Company investigation into the processing and payment of invoices at Soloco Texas, LP, and that Newpark's CFO and former CEO had been placed on administrative leave pending the completion of the investigation. This news shocked the market, causing shares of Newpark to plummet that same day by $1.28 per share, to close on April 17, 2006, at $6.14 per share -- more than 17% below the previous day's close, which was before disclosure of the invoice irregularities and consequent investigation.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
On April 17, 2006, Newpark issued a press release announcing a Company investigation into the processing and payment of invoices at Soloco Texas, LP, and that Newpark's CFO and former CEO had been placed on administrative leave pending the completion of the investigation. This news shocked the market, causing shares of Newpark to plummet that same day by $1.28 per share, to close on April 17, 2006, at $6.14 per share -- more than 17% below the previous day's close, which was before disclosure of the invoice irregularities and consequent investigation.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
