Robbins Arroyo LLP: Venator Materials PLC (VNTR) Sued for Misleading Shareholders
SAN DIEGO & STOCKTON-ON-TEES, United Kingdom--(BUSINESS WIRE)--Feb 14, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Venator Materials PLC (NYSE: VNTR) filed a class action complaint against the company for alleged violations of the Securities Act of 1933 pursuant to the company’s August 4, 2017 initial public offering (“IPO”) and its December 1, 2017 secondary offering (“SPO”). Venator manufactures and markets chemical products worldwide.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/venator-materials/
Venator Accused of Downplaying Impact of Devastating Fire at Its Facility
According to the complaint, in January 2017, a fire ravaged one of Venator’s most important plants for manufacturing titanium dioxide in Pori, Finland. Unbeknownst to investors, Venator’s registration statements filed in connection with its August 2017 IPO and its December 2017 SPO failed to disclose the true extent of the fire damage to the company’s facility and the cost to rehabilitate it. The Pori facility was virtually beyond repair, and any attempt to restore it would cost over $1 billion —hundreds of millions of dollars beyond the limits of the company’s insurance policy applicable to the disaster. Further, Venator had lost 80% of production capacity and 15% of the company’s total nameplate capacity as a result of the fire. By December 17, 2018, Venator’s share price had plummeted to only $3.65 per share – 81% below Venator’s share price in the IPO and 83% below its SPO price.
Venator Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190214005988/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
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SOURCE: Robbins Arroyo LLP
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PUB: 02/14/2019 07:54 PM/DISC: 02/14/2019 07:54 PM