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INVESTOR ALERT Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Venator Materials PLC Investors (VNTR)

Nachrichtenquelle: Business Wire (engl.)
02.08.2019, 22:20  |  371   |   |   

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of Venator Materials PLC (“Venator” or the “Company”) (NYSE: VNTR) investors that purchased ordinary shares: (a) between August 2, 2017 and October 29, 2018, inclusive; (b) in or traceable to the Company’s initial public offering conducted on or around August 3, 2017; and (c) in or traceable to the Company’s secondary public offering conducted on or around December 4, 2017. Venator investors have until September 30, 2019 to file a lead plaintiff motion.

Investors suffering losses on their Venator investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On January 30, 2017, a fire damaged the Company’s titanium dioxide manufacturing plant in Pori, Finland. Before the fire, the Pori facility produced up to 17% of the Company’s total titanium dioxide capacity.

In August 2017, the Company completed its initial public offering (“IPO”) and sold more than 26 million shares at $20 per share. Then, in December 2017, the Company completed a secondary public offering and sold 23.7 million shares at $22.50 per share.

On July 31, 2018, the Company announced that costs to repair the facility would be more than $375 million above insurance policy limits, over double the amount previously disclosed to investors.

On this news, shares of Venator fell $0.73 per share, or nearly 5%, to close at $14.62 per share on July 31, 2018, thereby injuring investors.

Then, on September 12, 2018, the Company announced it would discontinue use of the Pori facility despite previous reports that the facility could be restored to full operating capacity. Moreover, the damaged facility had only been operating at 20% capacity and had not meaningfully increased production since the IPO.

On this news, shares of Venator fell $0.54 per share, or nearly 5%, to close at $10.81 per share on September 12, 2018, thereby further injuring investors.

Then on October 30, 2018, the Company relayed that, in addition to the nearly $500 million in costs and lost business as a result of the fire, it incurred an additional $415 million in restructuring expenses and would incur future charges of $220 million through the end of 2024 related to the Pori facility.

On this news, shares of Venator fell $1.53 per share, or over 19%, to close at $6.47 per share on October 30, 2018, thereby further injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the fire damage at the Pori facility was far more extensive than disclosed to investors, rendering the facility beyond repair; (2) that the true cost of the Pori facility fire exceeded $1 billion, hundreds of millions of dollars beyond the limits of the Company’s insurance policy; (3) that the Company was paying rebuilding premiums, and thereby incurring tens of millions of dollars in additional costs, in a futile attempt to expedite the rehabilitation process; (4) that Venator had lost, essentially without prospect of rehabilitation, 80% of the production capacity of the Pori facility, and thus lost a substantial portion of one of its largest revenue producing assets; (5) the Company’s reported annual Titanium Dioxide production capacity had been inflated by approximately 104,000 metric tons, or 15%; and (6) that as a result of the foregoing, Defendants’ public statements were materially false and/or misleading and/or lacked a reasonable basis.

If you purchased Venator ordinary shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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

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