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Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Venator Materials PLC Investors

Nachrichtenquelle: Business Wire (engl.)
03.08.2019, 01:00  |  876   |   |   

Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, 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.

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

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, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.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 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.

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