BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Venator Materials PLC (“Venator” or the “Company”) (NYSE: VNTR) investors concerning the Company and its officers’ possible violations of federal securities laws.
On January 30, 2017, a fire damaged the Company’s titanium dioxide manufacturing plant in Pori, Finland. Before the fire, the Pori facility produced up to 17% of the Company’s total titanium dioxide capacity.
In August 2017, the Company completed its initial public offering (“IPO”) and sold more than 26 million shares at $20 per share. Then, in December 2017, the Company completed a secondary public offering and sold 23.7 million shares at $22.50 per share.
On July 31, 2018, the Company announced that costs to repair the facility would more than $375 million above insurance policy limits, over double the amount previously disclosed to investors.
On this news, shares of Venator fell $0.73 per share, or nearly 5%, to close at $14.62 per share on July 31, 2018, thereby injuring investors.
Then, on September 12, 2018, the Company announced it would discontinue use of the Pori facility despite previous reports that the facility could be restored to full operating capacity. Moreover, the damaged facility had only been operating at 20% capacity and had not meaningfully increased production since the IPO.
On this news, shares of Venator fell $0.54 per share, or nearly 5%, to close at $10.81 per share on September 12, 2018, thereby further injuring investors.
Then on October 30, 2018, the Company relayed that, in addition to the nearly $500 million in costs and lost business as a result of the fire, it incurred an additional $415 million in restructuring expenses and would incur future charges of $220 million through the end of 2024 related to the Pori facility.
On this news, shares of Venator fell $1.53 per share, or over 19%, to close at $6.47 per share on October 30, 2018, thereby further injuring investors.
If you purchased Venator securities, have information or would like to learn more about these claims, or 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 www.howardsmithlaw.com.
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