INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Venator Materials PLC
August 03 2019 - 10:15AM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of New York on behalf of those who acquired
Venator Materials PLC (“Venator” or the “Company”) (NYSE: VNTR)
securities during the period from August 2, 2017 to October 29,
2018 (the “Class Period”). Investors have until September 30, 2019
to apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that in connection with its August 2017 and
December 2017 stock offerings, and continuing throughout the Class
Period, Venator misrepresented: (i) the true extent of the fire
damage to its Pori facility; (ii) the cost to rehabilitate the
facility; and (iii) the impact on Venator’s business and
operations.
On July 31, 2018, Venator revealed that the fire damage at the
Pori facility was far more extensive than Defendants had previously
represented to investors. Specifically, Venator announced that the
cost to repair the facility had climbed to more than $375 million
above the insurance policy limits. On this news, the price of
Venator shares fell $0.73, or 4.8%, to close at $14.62 on July 31,
2019.
Then, on September 12, 2018, Venator announced that it was
abandoning the Pori facility, which was still only operating at 20%
capacity, despite the Company’s previous assurances that the site
would be repaired and restored back to its full operating capacity.
On this news, the price of Venator shares fell $0.54, or 4.8%, to
close at $10.81 on September 12, 2018.
Finally, on October 30, 2018, Venator announced that, in
addition to the over $500 million in costs and lost business
associated with the Pori fire incurred to date, the Company
incurred a restructuring expense of approximately $415 million and
would incur additional “charges of $220 million through the end of
2024” related to the Pori site. On this news, the price of Venator
shares fell $1.53, or 19.1%, to close at $6.47 on October 30,
2018.
If you acquired Venator securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190803005006/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
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