Oilfield services firm ProPetro Holding Corp on Wednesday said a board investigation had uncovered material weaknesses in its financial controls and an undisclosed related-party transaction with its former chief accountant. The Midland, Texas-based company also confirmed Reuters’ report last month that the U.S. Securities and Exchange Commission had opened an investigation in its financial disclosures and reporting. ProPetro provided the first snapshot of its business since disclosing the departure of its chief accounting officer and the demotion of two top officials amid an internal investigation into its financial accounting and disclosures. …read more
Source:: Yahoo Finance
