Platform investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Platform produces and sells specialty chemical products in the Americas, the Asia- Pacific region, and Europe. The company operates through two segments, Performance Solutions and Agricultural Solutions. On February 17, 2015, Platform completed the acquisition of Arysta LifeScience Limited (“Arysta”), a crop protection and life science company with operations in more than 125 countries worldwide.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) Arysta had made improper third-party payments in West Africa; (ii) that the foregoing payments were unlawful under the U.S. Foreign Corrupt Practices Act (“FCPA”); and (iii) as a result of the foregoing, Platform’s public statements were materially false and misleading at all relevant times.
According to the complaint, on March 11, 2016, Platform disclosed in its 2015 annual report that the company had “discovered certain payments made to third-party agents in connection with Arysta’s government tender business in West Africa which may be illegal or otherwise inappropriate” and had “engaged outside counsel and an outside accounting firm to conduct an internal investigation to review the legality of these and other payments . . . including Arysta’s compliance with the FCPA.”
Following this news, Platform stock fell $0.28 per share, or 3.16%, to close at $8.57 on March 14, 2016, the following trading day.
Then, on March 14, 2016, shortly before the end of the trading day, the Wall Street Journal published a story addressing the disclosures by Platform described in ¶ 6, entitled “Chemical Company Notifies U.S. of West Africa FCPA Probe.” Following this news, Platform stock fell $0.62 per share, or 7.23%, to close at $7.95 on March 15, 2016.
If you are a member of the class described above, you may no later than June 1, 2016 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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com