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 Southern District of New York on behalf of those who acquired Venator Materials PLC (“Venator” or the “Company”) (NYSE: VNTR) securities during the period from August 2, 2017 to October 29, 2018 (the “Class Period”). Investors have until September 30, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that in connection with its August 2017 and December 2017 stock offerings, and continuing throughout the Class Period, Venator misrepresented: (i) the true extent of the fire damage to its Pori facility; (ii) the cost to rehabilitate the facility; and (iii) the impact on Venator’s business and operations.
On July 31, 2018, Venator revealed that the fire damage at the Pori facility was far more extensive than Defendants had previously represented to investors. Specifically, Venator announced that the cost to repair the facility had climbed to more than $375 million above the insurance policy limits. On this news, the price of Venator shares fell $0.73, or 4.8%, to close at $14.62 on July 31, 2019.
Then, on September 12, 2018, Venator announced that it was abandoning the Pori facility, which was still only operating at 20% capacity, despite the Company’s previous assurances that the site would be repaired and restored back to its full operating capacity. On this news, the price of Venator shares fell $0.54, or 4.8%, to close at $10.81 on September 12, 2018.
Finally, on October 30, 2018, Venator announced that, in addition to the over $500 million in costs and lost business associated with the Pori fire incurred to date, the Company incurred a restructuring expense of approximately $415 million and would incur additional “charges of $220 million through the end of 2024” related to the Pori site. On this news, the price of Venator shares fell $1.53, or 19.1%, to close at $6.47 on October 30, 2018.
If you acquired Venator securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, 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 LLP 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 LLP’s website: www.kmllp.com.
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