SHAREHOLDER ALERT - Livent Corporation (LTHM) Bronstein, Gewirtz & Grossman, LLC Announces Class Action and Lead Plaintiff Deadline: July 22, 2019
NEW YORK, May 24, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Livent Corporation (“Livent” or the “Company”) (NYSE: LTHM) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Livent securities pursuant and/or traceable to the company’s initial public offering completed in October 2018 (the “IPO” or the “Offering”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/lthm.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
In October 2018, Livent completed its initial public offering (“IPO”), selling 23 million shares of common stock priced at $17.00 per share. On February 11, 2019, Livent released its fourth quarter 2018 financial results, advising investors that the Company had missed top line sales targets, citing difficulties negotiating contracts with existing customers. On this news, Livent’s stock price fell $0.57 per share, over 4%, to close at $12.55 per share on February 12, 2019. Then, on May 8, 2019, Livent announced disappointing financial results for the first quarter of 2019, citing further customer issues. On this news, Livent’s stock price fell $1.70 per share, nearly 16%, to close at $9.03 per share on May 8, 2019.
The lawsuit alleges that the Registration Statement was false and/or contained misleading statements and/or failed to disclose that: (1) a supply contract with Nemaska Lithium Inc. had been terminated; (2) Livent would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (3) Livent had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of Livent’s existing contracts; (4) Livent’s margins were squeezed due to the customer’s increased orders; and (5) as a result of the foregoing, defendants’ positive statements about Livent’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/lthm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Livent you have until July 22, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | email@example.com