NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Livent Corporation ("Livent" or the "Company")(NYSE:LTHM) of the July 22, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Livent stock or options pursuant and/or traceable to the Company's October 2018 initial public offering ("IPO") and would like to discuss your legal rights, click here: www.faruqilaw.com/LTHM. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased Livent securities pursuant and/or traceable to the Company's October 2018 IPO. The case, Nikolov v. Livent Corporation et al., No. 19-cv-19-cv-02218-CFK was filed on May 22, 2019 and has been assigned to Judge Chad F. Kenney.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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.
Since Livent's October 2018 IPO, the Company's share price has declined from its IPO price of $17 by approximately 60%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Livent's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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