SOURCE: Saxena White P.A.

September 03, 2013 22:00 ET

Saxena White P.A. Files Securities Fraud Class Action Against Nuverra Environmental Solutions, Inc.

BOCA RATON, FL--(Marketwired - Sep 3, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the District of Arizona against Nuverra Environmental Solutions, Inc. ("Nuverra" or the "Company") (NYSE: NES) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from August 6, 2012 through August 23, 2013 (the "Class Period"). 

Nuverra purports to be an environmental solutions company that provides services to customers in energy and industrial end-markets. The Company states that its focus is on the delivery, collection, treatment, recycling and disposal of restricted solids, water, waste water, used motor oil, spent antifreeze, waste fluids and hydrocarbons. Nuverra operates in approximately 70 locations across 26 states.

The complaint brings forth claims for violations of the Securities Exchange Act of 1934. Specifically, throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose: (a) that the Company was suffering from a severe liquidity crisis; (b) that the Company was experiencing a significant decline in its operational results, particularly in the Eagle Ford Shale area; (c) that as a result of the Company's poor financial performance, Nuverra's default risk materially increased and the Company faces potential defaults on its covenants; and (d) based upon the above, Defendants lacked a reasonable basis for their positive statements about the Company during the Class Period. You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com

If you purchased Nuverra stock between August 6, 2012 and August 23, 2013, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased Nuverra common stock during the Class Period of August 6, 2012 through August 23, 2013, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than November 4, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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