NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors that a class action complaint has been filed on behalf of LSB Industries, Inc. (NYSE:LXU) investors who purchased shares between May 8, 2015 and August 7, 2015, inclusive. LSB Industries investors have until November 24, 2015 to file a lead plaintiff motion. Investors are encouraged to contract J. Brandon Walker, Esq. to discuss their legal rights.
On August 7, 2015, LSB Industries revealed that it intended to implement certain recommendations after the Strategic Committee of the LSB Industries Board of Directors reviewed the company’s business strategy, corporate governance structure, related party transactions and other governance practices of the company. Additionally, the company announced that the total cost to complete the El Dorado Facility expansion would now be in the range of $660 million to $680 million, significantly higher than its previous estimate of $495 million to $520 million on May 8, 2015. On this news, shares of LSB declined $12.09 per share, over 34%, to close on August 7, 2015 at $23.01 per share, on heavy volume. Then, on September 3, 2015, LSB Industries announced that LSB President and Chief Executive Officer Barry H. Golsen had resigned effective immediately.
The complaint alleges that throughout the Class Period, LSB Industries made false and/or misleading statements and/or failed to disclose: (1) that the company’s costs related to the expansion of the El Dorado Facility would be significantly higher than reported; and, (2) that, as a result of the foregoing, the company’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of LSB Industries between May 8, 2015 and August 7, 2015, inclusive, you may move the Court no later than November 24, 2015 to request appointment as lead plaintiff. If you purchased LSB Industries shares during this period, or if you have information or would like to learn more about these claim, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.