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NEW YORK, June 18, 2019 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced that approximately five weeks remain to make a motion to serve as a lead plaintiff in a class action pending against the Livent Corporation (“Livent,” “LTHM” or the “Company”) (NYSE: LTHM) alleging claims on behalf of those who purchased or acquired Livent shares pursuant to or traceable to Livent’s initial public offering (“IPO”) on or around October 12, 2018.
If you purchased Livent securities, and/or would like to discuss your legal rights and options, please visit Livent LTHM Shareholder Class Action Lawsuit or contact Matthew Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint, which is pending in the United States District Court for the Eastern District of Pennsylvania, alleges that Defendants violated the Securities Act of 1933. If you wish to serve as lead plaintiff in the Livent Securities Class Action you must move the Court no later than July 22, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
According to the lawsuit, Defendants made false and/or misleading statements in the offering documents relating to the IPO, including failing to disclose that: (i) a supply contract with Nemaska Lithium Inc. had been terminated; (ii) the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (iii) the Company had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of Livent’s existing contracts; (iv) the Company’s margins were squeezed due to that customer’s increased orders; and (v) as a result of the foregoing, Defendants’ positive statements about Livent’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On February 11, 2019, Livent released its fourth quarter 2018 financial results that missed top line sales targets, citing difficulties negotiating contracts with existing customers. On this news, Livent’s share price fell $0.57, over 4%, to close at $12.55 per share on February 12, 2019.
On May 8, 2019, Livent announced disappointing financial results for first quarter 2019, citing further customer issues. On this news, the Company’s share price fell $1.70, nearly 16%, to close at $9.03 per share on May 8, 2019.
If you purchased Livent securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/livent-corporation-lthm-class-action-lawsuit-fraud-stock-133/ or contact Matthew Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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