NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Livent Corporation (“Livent” or the “Company”) (NYSE: LTHM) securities pursuant and/or traceable to its October 2018 Initial Public Offering (“IPO”). Investors have until July 22, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Livent’s Registration Statement was false and misleading and failed to disclose: (i) that a supply contract with Nemaska Lithium Inc. had been terminated; (ii) that, as a result, the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (iii) that the Company had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of the Company’s existing contracts; and (iv) that the Company’s margins were squeezed due to the customer’s increased orders.
In October 2018, Livent completed its IPO in which it sold 23 million shares of its common stock at $17.00 per share. On February 11, 2019, Livent released its fourth quarter 2018 financial results that missed top line sales targets, citing difficulties negotiating contracts with existing customers. On this news, Livent’s share price fell $0.57, approximately 4.3%, to close at $12.55 on February 12, 2019.
Then, on May 8, 2019, the Company announced disappointing financial results for first quarter 2019, citing further customer issues. On this news, Livent’s share price fell $1.70, approximately 15.8%, to close at $9.03 on May 8, 2019.
If you acquired Livent securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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