NEW YORK, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Venator Materials PLC (“Venator” or the “Company”) (NYSE: VNTR) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Venator between August 2, 2017 and October 29, 2018, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made false and misleading statements to the market. Venator’s Pori facility suffered a fire that damaged the property much worse than was disclosed to investors, leaving it beyond repair. The cost of the fire exceeded $1 billion, far beyond the limits of the Company’s insurance policy. The Company incurred massive fees in a futile effort to expedite repairs to the facility. Venator lost about 80% of the production capacity of the Pori facility. At the same time, the Company’s reported annual Titanium Dioxide production capacity had been inflated by about 15%. The Company paid over $600 million in restructuring charges and expenses associated with the closure and replacement of the Pori facility. Based on these facts, the Company’s public statements were false and materially misleading throughout the Class Period. When the market learned the truth about Venator, investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the September 30, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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