A lawsuit was filed on behalf of investors in Livent Corporation (NYSE: LTHM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/05/2019 -- An investor, who purchased shares of Livent Corporation (NYSE: LTHM), filed a lawsuit over alleged violations of Federal Securities Laws by Livent Corporation in connection with the Company's October 2018 initial public offering ("IPO" or the "Offering").
Investors who purchased shares of Livent Corporation (NYSE: LTHM) have certain options and for certain investors are short and strict deadlines running. Deadline: July 22, 2019. NYSE: LTHM investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Philadelphia, PA based Livent Corporation manufactures and sells performance lithium compounds for energy storage, specialty polymer, and chemical synthesis applications in North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. In October 2018, Livent Corporation completed its initial public offering ("IPO") in which it sold 23 million shares of its common stock at $17.00 per share.
On February 11, 2019, Livent Corporation released its fourth quarter 2018 financial results that missed top line sales targets, citing difficulties negotiating contracts with existing customers. Livent Corporation reported that its annual Total Revenue rose from $347.4 million in 2017 to $442.5 million in 2018 and that its Net Income increased from $42.2 million in 2017 to $126.1 million in 2018.
Then, on May 8, 2019, Livent Corporation announced disappointing financial results for first quarter 2019, citing further customer issues.
Shares of Livent Corporation (NYSE: LTHM) declined from $19.85 per share in December 2018 to as low as $7.06 per share on May 20, 2019.
The plaintiff claims that the defendants failed to disclose to investors that a supply contract with Nemaska Lithium Inc. had been terminated, that, as a result, the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins, that the Company had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of the Company's existing contracts, that the Company's margins were squeezed due to the customer's increased orders, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Livent Corporation (NYSE: LTHM) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About 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.
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