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Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of Livent Corporation Investors (LTHM)

Nachrichtenquelle: Business Wire (engl.)
22.05.2019, 23:05  |  439   |   |   

Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of Pennsylvania, captioned Nikolov v. Livent Corporation et al., (Case No. 19-cv-2218-CFK), on behalf of persons and entities that purchased or otherwise acquired Livent Corporation (NYSE: LTHM) (“Livent” or the “Company”) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s October 2018 initial public offering (“IPO” or the “Offering”). Plaintiff pursues claims under Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”).

Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.

If you are a shareholder who suffered a loss, click here to participate.

In October 2018, Livent completed its initial public offering (“IPO”) in which it sold 23 million shares of its common stock at $17.00 per share.

On February 11, 2019, Livent released its fourth quarter 2018 financial results that missed top line sales targets, citing difficulties negotiating contracts with existing customers. On this news, Livent’s share price fell $0.57, over 4%, to close at $12.55, on February 12, 2019, thereby injuring investors.

Then, on May 8, 2019, the Company announced disappointing financial results for first quarter 2019, citing further customer issues. On this news, Livent’s share price fell $1.70, nearly 16%, to close at $9.03 on May 8, 2019, thereby injuring investors further.

The complaint filed in this class action alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that a supply contract with Nemaska Lithium Inc. had been terminated; (2) that, as a result, the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (3) that the Company had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of the Company’s existing contracts; (4) that the Company’s margins were squeezed due to the customer’s increased orders; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased Livent securities pursuant and/or traceable to Registration Statement, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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