LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Rentech, Inc. (“Rentech” or the “Company”) (NASDAQ: RTK) securities between November 9, 2016 and February 20, 2017, inclusive (the “Class Period”). Rentech investors have until April 24, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Rentech investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On February 21, 2017, Rentech disclosed that it would idle its Wawa facility. Citing operational issues that necessitate unbudgeted capital investments, Rentech stated that there is “continued uncertainty” as to the profitability of products produced at the Wawa facility and instructed investors that it was seeking other strategic alternatives.
On this news, Rentech stock fell over 47% per share, closing at just $1.44 on February 21, 2017.
The complaint filed in this class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements that: (1) Rentech’s resources were not sufficient to overcome any operating challenges and remaining bottleneck at its Wawa facility; (2) consequently, the Wawa facility would not reach approximately 60% of production capacity within the next couple quarters and achieve full capacity in the range of 400,000 to 450,000 metric tons late in the year; (3) as a result, defendants’ statements about Rentech’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
If you purchased shares of Rentech during the Class Period you may move the Court no later than April 24, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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