NEW YORK, April 16, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Compass Minerals International, Inc. (“Compass” or the “Company”) (NYSE: CMP). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Compass and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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Before the market opened on March 25, 2024, Compass issued a press release announcing that the United States Forest Service (“USFS”) informed the Company that it will not be entering into a contract for the use of magnesium chloride-based aerial fire retardants for the 2024 fire season. The press release explained that “during scheduled winter airtanker inspections as part of the USFS’ Integrated Operational Field Evaluation, it was discovered that certain airtankers that had flown Fortress North America’s (Fortress’) proprietary, magnesium chloride-based aerial fire retardants revealed significant signs of corrosion in areas where build-up of the retardant had occurred” and that “[t]he findings from this more extensive inspection raised aircraft safety concerns, prompting the USFS’ decision to inform Compass Minerals on March 22, 2024, that it would be ‘unable to define the scope and associated terms and conditions of a new contract’ with the [C]ompany until the National Transportation Safety Board (NTSB) and National Institute of Standards and Technology (NIST) conducted a coordinated, independent assessment of the findings.”
On this news, Compass’s stock price fell $3.00 per share, or 17.09%, to close at $14.55 per share on March 25, 2024.
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
