Shawshank, VA 3/21/12 (StreetBeat) -- A class action lawsuit has been filed against Carbo Ceramics Inc. (NYSE: CRR) on behalf of investors who purchased the company's stock between Oct. 27, 2011, and Jan. 26, 2012.The complaint, which law firm Levi & Korsinsky filed in U.S. District Court for the Southern District of New York, alleges the Houston-based company issued false and misleading statements during that time period.
Carbo manufactures and supplies ceramic proppants primarily used in hydraulic fracturing of natural gas and oil wells. In January Carbo revealed during a conference call for its fourth quarter and year-end financial results that it had seen a 70 percent decline in proppant sales in the Haynesville region. The company's common stock price then fell from $130.72 to $103.76.
The stock closed at $105.75 on Tuesday, down $4, or 3.6 percent.
The deadline to appoint a lead plaintiff is April 9, Levi & Korsinsky's March 20 statement said.
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