NEW YORK, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Ohio on behalf of all persons or entities who purchased or otherwise acquired GrafTech International Ltd. (“GrafTech” or the “Company”) (NASDAQ: EAF) securities between February 8, 2019 and August 3, 2023, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s manufacturing operations in Monterrey, Mexico had for decades chronically contaminated neighboring communities with harmful carcinogenic gasses and particulate matter; (ii) the Company had signed agreements with local authorities committing itself to improving the environmental performance of its Monterrey facility, but repeatedly failed to honor these commitments; (iii) the Company had been repeatedly warned over an approximately 30-year period regarding its wanton disregard for the environment and health and well-being of people near its operations in Monterrey, Mexico; (iv) the Company’s operations in Monterrey, Mexico were not in compliance with applicable environmental laws and regulations; (v) the Company had failed to adequately remediate the environmental problems caused by the Monterrey facility following the 2019 administrative proceeding conducted by the Department of Sustainable Development of the State of Nuevo León; (vi) the government of Apodaca had sought intervention from the State of Nuevo León authorities to curtail and prevent the adverse environmental impacts and noncompliance with environmental laws and regulations caused by the Monterrey facility; (vii) the Company’s purported cost leadership was achieved in substantial part by failing to implement appropriate and effective environmental safeguards at its manufacturing facility in Monterrey, Mexico; (viii) the Company’s capital expenditures and/or related operational projects were woefully insufficient to adequately address the harm that the Company’s operations in Monterrey, Mexico had inflicted on the environment and people within the neighboring communities; (ix) as a result of the above, the Company was acutely exposed to undisclosed material risks that its manufacturing operations in Monterrey, Mexico would be severely disrupted by government action or enforcement; and (x) as a result of the above, the Company was acutely exposed to undisclosed material risks that its supplies of pin stock and graphite electrodes would be withdrawn and/or materially diminished, thereby materially harming the Company’s business, operations, reputation, and financial results.
Investors who purchased or otherwise acquired shares of GrafTech should contact the Firm prior to the March 25, 2024 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.
Please visit our website at http://www.gme-law.com for more information about the firm.
