SAN FRANCISCO, April 05, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in Sasol ADRs (NYSE: SSL) who have suffered significant losses to submit their losses now. Today is the lead plaintiff deadline in a securities fraud class action that has been filed against the company and senior executives.
Sasol Limited (SSL) Securities Class Action:
According to the Complaint, Defendants misled investors by misrepresenting and failing to disclose that; (1) Sasol conducted insufficient due diligence into, and did not account for multiple issues with, Sasol’s Lake Charles chemical plant (“LCCP”), as well as its true cost; (2) construction and operation of the LCCP was plagued by control weaknesses, delays, rising costs, and technical issues; and (3) Sasol’s top-level management exacerbated these issues by engaging in improper and unethical behavior concerning financial reporting for, and oversight of, the LCCP.
Investors began to learn the truth through a series of disclosures, including on May 22, 2019, when Sasol abruptly raised the project’s cost estimate by $1 billion and disclosed an internal review into the project’s costs and construction schedule. The company admitted to weaknesses in the project’s integrated controls, as well as significant additional concerns related to the project’s forecasting process.
Then, on Oct. 27, 2019, Sasol terminated its co-CEOs following an internal probe showing that the Lake Charles project management team acted inappropriately, lacked experience, and was overly focused on maintaining cost and schedule estimates instead of providing accurate information.
Finally, on Jan. 13, 2020, Sasol disclosed an explosion and fire at its Lake Charles project’s low-density polyethylene unit, requiring the company to shut down the unit.
Each of these disclosures caused the price of Sasol ADRs to decline sharply.
“We’re focused on investors’ losses and proving Sasol misled investors about the Lake Charles project’s cost, timing and internal controls,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased Sasol ADRs and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sasol should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SSL@hbsslaw.com.
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Reed Kathrein, 844-916-0895