INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Livent Corporation Investors (LTHM)
Livent investors have until July 22, 2019 to file a lead plaintiff motion.
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 [email protected].
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 protected],
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/