Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Sasol Limited (SSL)

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 6, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Sasol Limited (“Sasol” or the Company”) (NYSE: SSL) securities between March 10, 2015 and January 13, 2020 inclusive (the “Class Period”).

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 Charles Linehan, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [e-mail], or visit our website at www.glancylaw.com.

On October 27, 2014, Sasol announced the construction of an $8.1 billion ethane cracker and derivatives complex called the Lake Charles Chemicals Project (“LCCP”).

On June 6, 2016, Sasol reported “that the expected total capital expenditure for the [LCCP] could increase up to US $11 billion, including site infrastructure and utility improvements.” Moreover, the Company disclosed that “the estimated LCCP capital cost and extended schedule will reduce the expected project returns by approximately the same amount as the Company’s lower long-term price assumptions.”

On this news, Sasol’s American depositary receipt (“ADR”) price fell $3.53 per share, or approximately 11%, to close at $28.60 per share on June 6, 2016, thereby injuring investors.

On May 22, 2019, during pre-market hours, Sasol revealed that “the cost estimate for the LCCP has been revised to a range of $12.6 to $12,9 billion which includes a contingency of $300 million.”

On this news, Sasol’s ADR price fell $4.50 per share, or nearly 15%, to close at $25.64 per share on May 22, 2019, thereby injuring investors further.

On August 16, 2019, during pre-market hours, Sasol postponed its full year 2019 financial results because of “possible LCCP control weaknesses.”

On this news, Sasol’s ADR price fell $0.74 per share, or over 4%, to close at $17.67 per share on August 16, 2019, thereby injuring investors further.

On October 28, 2019, Sasol disclosed that there were “errors, omissions, and inaccuracies in the [LCCP] cost estimate” and that the highest level of management had engaged in a number of unethical and improper reporting activities. Sasol also announced the resignation of, inter alia, its Joint Presidents and Chief Executive Officers (“CEOs”) and Senior Vice Presidents and others previously in charge of the LCCP.