BOSTON, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, informs investors that a class action lawsuit has been filed against Sasol Limited (NYSE: SSL) and certain of its officers alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are required to move for appointment by April 6, 2020, and are encouraged to contact Block & Leviton LLP to learn more.
The complaint, which was filed in the Southern District of New York, and captioned Moshell v. Sasol Limited et. al., No. 1:20-cv-01008 (S.D.N.Y.) alleges that Sasol’s construction of an $8.1 billion ethane cracker and derivatives complex (“LLP”) in Lake Charles, Louisiana, was conducted with insufficient due diligence, and that the company misrepresented the true cost of the project. In addition, the complaint alleges that Sasol’s top-level management engaged in improper and unethical behavior with respect to financial reporting for the LCCP and the project’s oversight. As a result, the Company’s public statements were materially false and misleading at all relevant times.
On June 6, 2016, Sasol reported “that the expected total capital expenditure for the LCCP could increase up to $11 billion, including site infrastructure and utility improvements.” Following this disclosures, Sasol’s American depositary receipt (“ADR”) price fell $3.53 per share, or 10.99%, to close at $28.60 per share.
On May 22, 2019, during pre-market hours, Sasol disclosed that “the cost estimate for the LCCP has been revised to a range of $12.6 to $12.9 billion which includes a contingency of $300 million.” Following these disclosures, Sasol’s ADR price fell $4.50 per share, or 14.93%, to close at $25.64 per share..
Then, on August 16, 2019, during pre-market hours, Sasol issued a press release disclosing that it was delaying the announcement of its 2019 financial results because of “possible LCCP control weaknesses.” On this news, Sasol’s ADR price fell $0.74 per share, or 4.02%, to close at $17.67 per share.
Finally, on January 14, 2020, Sasol issued a press release confirming that on January 13, 2020, the Company “experienced an explosion and fire at its LCCP low-density polyethylene unit.” Sasol stated that “[t]he unit was in the final stages of commissioning and startup when the incident occurred” and “has been shut down and an investigation is underway to determine the cause of the incident, the extent of the damage and resulting impact on the LDPE unit’s schedule.”
Following these disclosures, Sasol’s ADR price fell $1.70 per share, or 7.84%, over the following two trading days, closing at $19.99 per share on January 15, 2020.
If you purchased or otherwise acquired Sasol securities between March 3, 2015 and January 13, 2020 and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at mdelaney@blockesq.com, or by visiting http://shareholder.law/ssl.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
Mark Delaney
(617) 398-5600 phone
260 Federal Street, Suite 1860
Boston, MA 02110
mdelaney@blockesq.com