The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who: (a) purchased Venator ordinary shares between August 2, 2017 and October 29, 2018, inclusive; (b) purchased Venator shares in or traceable to the Company’s initial public offering of ordinary shares conducted on or around August 3, 2017; and (c) purchased Venator shares in or traceable to the Company’s secondary public offering of ordinary shares conducted on or around December 4, 2017.
According to the Venator lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (a) the fire damage at the Pori facility was far more extensive than disclosed to investors, rendering the facility beyond repair; (b) the true cost of the Pori facility fire exceeded $1 billion, hundreds of millions of dollars beyond the limits of the Company’s insurance policy; (c) the Company was paying rebuilding premiums, and thereby incurring tens of millions of dollars in additional costs, in a futile attempt to expedite the rehabilitation process; (d) Venator had lost, essentially without prospect of rehabilitation, 80% of the production capacity of the Pori facility, and thus lost a substantial portion of one of its largest revenue producing assets; and (e) the Company’s reported annual Titanium Dioxide production capacity had been inflated by approximately 104,000 metric tons, or 15%.
If you suffered a loss in Venator you have until September 30, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
To receive more information, please fill out the form.