158 0 Kommentare Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Sasol Limited (SSL) - Seite 2

On January 14, 2020, Sasol confirmed “an explosion and fire at its LCCP low-density polyethylene (LDPE) unit.” Sasol stated that “[t]he unit was in the final stages of commissioning and startup when the incident occurred.”

On this news, Sasol’s ADR price fell $1.70 per share, or nearly 8%, over the following two trading days to close at $19.99 per share on January 15, 2020, thereby injuring investors further.

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 Sasol had conducted insufficient due diligence into, and failed to account for multiple issues with, the LCCP, as well as the true cost of the project; (2) that construction and operation of the LCCP was consequently plagued by control weaknesses, delays, rising costs, and technical issues; (3) that these issues were exacerbated by Sasol’s top-level management, who engaged in improper and unethical behavior with respect to financial reporting for the LCCP and the project’s oversight; (4) that all of the foregoing was reasonably likely to render the LCCP significantly more expensive than disclosed and negatively impact the Company’s financial results; and (5) that as a result, the Company’s public statements were materially false and misleading at all relevant times.

If you purchased or otherwise acquired Sasol securities during the Class Period, you may move the Court no later than April 6, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, 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.

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