San Diego, CA -- (SBWire) -- 02/05/2024 --An investor, who purchased shares of GrafTech International Ltd. (NYSE: EAF), filed a lawsuit against GrafTech International Ltd. over alleged violations of Federal Securities Laws.
Investors who purchased shares of GrafTech International Ltd. (NYSE: EAF) have certain options and for certain investors are short and strict deadlines running. Deadline: March 25, 2024. NYSE: EAF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Brooklyn Heights, OH based GrafTech International Ltd. research, develops, manufactures, and sells graphite and carbon-based solutions worldwide. On September 19, 2022, GrafTech International Ltd. announced that Mexican authorities suspended operations at its facilities in Monterrey, Mexico, and determined that its operating license within the country was no longer in effect. The suspension related "procedural errors related to certain operating licenses and permits."
On November 4, 2022, GrafTech International Ltd. held an earnings conference call during which management addressed the Monterrey closing. Specifically, management stated that "unless Monterrey reopens, our business performance will be significantly impacted for the first two quarters of 2023 with a reduction in sales volume of 50% or more before recovering the in the back half of the year."
Then on November 18, 2022, GrafTech International Ltd. announced the conditional lifting of the temporary suspension notice related to the Company's operations. The announcement explained that the Company "will provide an update on estimated impact of the suspension on its 2023 outlook when it reports its fourth quarter 2022 results."
On February 3, 2023, GrafTech International Ltd. issued its first quarter results and hosted an earnings call. Therein, management clarified that "we estimate our sales volume for the first six months of this year will be approximately half of the level we reported in 2022."
Shares of GrafTech International Ltd. (NYSE: EAF) declined from $6.74 per share on February 02, 2023 to as low as $2.20 per share on November 10, 2023.
The plaintiff claims that between February 8, 2019 and August 3, 2023,, the defendants made false and/or misleading statements and/or failed to disclose that GrafTech's manufacturing operations in Monterrey, Mexico had for decades chronically contaminated neighboring communities with harmful carcinogenic gasses and particulate matter, that GrafTech had signed agreements with local authorities committing itself to improving the environmental performance of its Monterrey facility, but repeatedly failed to honor these commitments, that GrafTech 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, that GrafTech's operations in Monterrey, Mexico were not in compliance with applicable environmental laws and regulations, that GrafTech 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, that 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, that GrafTech'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, that GrafTech's capital expenditures and/or related operational projects were woefully insufficient to adequately address the harm that GrafTech's operations in Monterrey, Mexico had inflicted on the environment and people within the neighboring communities, that as a result of the above, GrafTech was acutely exposed to undisclosed material risks that GrafTech's manufacturing operations in Monterrey, Mexico would be severely disrupted by government action or enforcement; and that as a result of the above, GrafTech 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 GrafTech's business, operations, reputation, and financial results.
Those who purchased shares of GrafTech International Ltd. (NYSE: EAF) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NYSE: EAF Shareholder Notice : Lawsuit Alleges Securities Laws Violations by GrafTech International Ltd.
A lawsuit was filed on behalf of investors in GrafTech International Ltd. (NYSE: EAF) shares over alleged securities laws violations.