STEVENSON, Md., Sept. 4, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Arizona ("Arizona Action") on behalf of purchasers of Nuverra Environmental Solutions, Inc. ("Nuverra" or the "Company") (NYSE:NES) common stock during the period between August 6, 2012 and August 23, 2013, inclusive (the "Class Period"). A second class action lawsuit has been commenced in the United States District Court for the Southern District of New York ("New York Action") on behalf of purchasers of Nuverra common stock during the period between March 12, 2013 and August 23, 2013, inclusive.
If you have suffered a net loss from investment in Nuverra Environmental Solutions, Inc. common stock purchased on or after August 6, 2012 and held through the revelations of negative information on July 30, 2013 and/or August 23, 2013, as described below, at no cost to you, you may obtain additional information about these lawsuits and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above actions. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 4, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the actions. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company stock during the Class Period.
The complaint in the Arizona Action accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was suffering from a severe liquidity crisis and that the Company was experiencing a significant decline in its operational results, especially in the Eagle Ford Shale area. According to the complaint in the Arizona Action, following the Company's July 30, 2013 disclosure that the Company's financial results for the second quarter ended June 30, 2013 were below expectations, in part because of operational issues in the Eagle Ford Shale area, and the August 23, 2013 publication of an article in Seeking Alpha, that alleged that the Company had yet to generate a positive operating profit, was misrepresenting itself as an environmental services company, and was over-levered with a liquidity crisis looming, the value of Nuverra shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation