INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Livent Corporation Investors (LTHM)
BENSALEM, Pa.--(BUSINESS WIRE)--May 23, 2019--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Livent Corporation (NYSE: LTHM ) (“Livent” or the “Company”) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s October 2018 initial public offering (“IPO” or the “Offering”). Livent investors have until July 22, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Livent investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
In October 2018, Livent completed its initial public offering (“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, over 4%, to close at $12.55, on February 12, 2019, thereby injuring investors.
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, nearly 16%, to close at $9.03 on May 8, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that a supply contract with Nemaska Lithium Inc. had been terminated; (2) that, as a result, the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (3) 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; (4) that the Company’s margins were squeezed due to the customer’s increased orders; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Livent 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 email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190523005146/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2019.
PUB: 05/23/2019 09:00 AM/DISC: 05/23/2019 09:01 AM