SOURCE: Izard Nobel LLP

February 09, 2012 17:19 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Carbo Ceramics, Inc.

WEST HARTFORD, CT--(Marketwire - Feb 9, 2012) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Carbo Ceramics, Inc. ("Carbo" or the "Company") (NYSE: CRR) between October 27, 2011 and January 26, 2012, inclusive (the "Class Period").

The Complaint alleges Carbo and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) that Carbo was experiencing a dramatic decline in proppant sales in the Haynesville region; (ii) that the Company 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 (iii) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about Carbo, its operations and earnings during the Class Period.

On January 26, 2012, Carbo issued a press release announcing its financial results for the fourth quarter and fiscal year 2011. That same day, the Company held a conference call wherein it was revealed that Carbo 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. On this news, Carbo common stock fell from $130.72 to $103.76.

If you are a member of the class, you may, no later than April 9, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/carboceramics/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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