NEW YORK, Feb. 10, 2012 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Carbo Ceramics, Inc. ("Carbo Ceramics" or the "Company") (NYSE: CRR).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company was experiencing significant declines in proppant sales for the Haynesville region; and (2) that Carbo Ceramics was suffering serious logistical problems such that the Company was unable to shift resources to new and burgeoning drilling sites.
On January 26, 2012, Carbo Ceramics issued a press release announcing its financial results for the fourth quarter and fiscal year 2011. On the same day, the Company held a conference call with securities analysts for investors wherein it was revealed that the Company had seen a 70% decline in proppant sales in the Haynesville region of Louisiana and that Carbo Ceramics had been unable to shift resources to various new opportunities due to logistical issues. In response to Carbo Ceramics disappointing announcements, the price of the Company's common stock declined from $130.72 per share to $103.76 on heavy trading volume.
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Take Action
If you purchased Carbo Ceramics securities between October 27, 2011 and January 26, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/CRR. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Carbo Ceramics conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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