The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Liberty Oilfield Services Inc. (“Liberty” or “the Company”) (NYSE: LBRT) concerning whether the board breached its fiduciary duties to shareholders.
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On February 5, 2020, after the market closed, Liberty issued a press release announcing its financial and operations results for fourth quarter and full year 2019. Therein, Liberty reported full year adjusted EBITDA of $277 million, or a 37% decline over the prior year, and diluted earnings per share of $0.53, which fell significantly short of analyst forecasts.
On this news, Liberty’s stock price fell $1.07, or over 12%, to close at $7.80 per share on February 6, 2020, thereby injuring investors.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection