BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 24, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class of investors who purchased or otherwise acquired 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.
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 Rentech shares, you may move the Court no later than April 24, 2017 to request appointment as lead plaintiff. 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 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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