NEW YORK, April 24, 2006 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the Eastern District of Louisiana on behalf of securities purchasers of Newpark Resources, Inc. (NYSE: NR) ("Newpark" or the "Company") between February 28, 2005, and April 17, 2006, inclusive (the "Class Period"). The complaint charges Newpark, James D. Cole, and Matthew W. Hardy with violations of the Securities Exchange Act of 1934.
Newpark Resources, Inc. provides fluids management, environmental, and oilfield services to the oil and gas exploration and production industry.
The complaint alleges that defendants' Class Period representations regarding Newpark were materially false and misleading when made because the Company failed to disclose irregularities with the processing and payment of invoices by the Company's subsidiary, Soloco Texas, LP.
On April 17, 2006, Newpark issued a press release announcing a Company investigation into the processing and payment of invoices at Soloco Texas, LP and that Newpark's CFO and former CEO had been placed on administrative leave pending the completion of the investigation. This news shocked the market, causing shares of Newpark to plummet that same day by $1.28 per share, to close on April 17, 2006, at $6.14 per share - more than 17% below the previous day's close, which was before disclosure of the invoice irregularities and consequent investigation.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Newpark securities on any world exchange between February 28, 2005 and April 17, 2006 and sustained damages, you may, no later than June 20, 2006, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Bradley P. Dyer of Murray, Frank & Sailer LLP.