LSB Industries, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, LSB is a manufacturing and marketing company. Its principal business activities consist of the manufacture and sale of chemical products for the agricultural, mining and industrial markets; and, the manufacture and sale of commercial and residential climate control products, such as water source and geothermal heat pumps, hydronic fan coils, modular geothermal and other chillers and large custom air handlers.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that : (1) that the Company’s costs related to the expansion of the El Dorado Facility would be significantly higher than reported; and, (2) that, as a result of the foregoing, the Company’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On August 7, 2015, the Company revealed that it intended to implement certain recommendations after the Strategic Committee of the LSB Industries Board of Directors reviewed the Company’s business strategy, corporate governance structure, related party transactions and other governance practices of the Company. Additionally the Company announced that the total cost to complete the El Dorado Facility expansion would now be in the range of $660 million to $680, significantly higher that its previous estimates of $495 million to $520 million on May 8, 2015.
On this news, shares of LSB declined $12.09 per share, over 34%, to close on August 7, 2015, at $23.01 per share, on heavy volume.
If you are a member of the class described above, you may no later than November 24, 2015, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706