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id: 327, Created by Stan Vick Chase, Scout
Venator Materials PLC
08 February 2017Class period Start
29 October 2018Class period End
17 October 2022Claim deadline
Venator Materials PLC Securities Litigation.
Venator agreed to pay $19 million to settle a securities class action lawsuit accusing the Company of suspected felonies.
The Complaint alleged that in connection with its IPO and its December 2017 secondary stock offering, the Company misrepresented the true extent of the fire damage to Venator's Pori facility, the cost to rehabilitate the facility, and the impact on Venator's business and operations.
The Company also assured investors that the Pori facility would be rebuilt with insurance proceeds within its policy limits. Venator and its executives continued to assure investors that the rebuild of the Pori facility was on track and that the Company would be able to fully recoup the production capacity lost in the fire.
As a result of these misrepresentations, Venator shares traded at artificially inflated prices.
Venator agreed to settle with investors to avoid further litigation.
Fresno County Employees’ Retirement Association, City of Miami General Employees’ & Sanitation Employees’ Retirement Trust, City of Pontiac General Employees’ Retirement System
Ajamie LLP, Bernstein Litowitz Berger & Grossmann LLP (New York)
Southern District of Texas
Hon. Edgardo Ramos
JND Legal Administration
Court hearing date
09 September 2022
purchased or otherwise acquired publicly traded Venator common stock either in or traceable to Venator’s August 3, 2017 initial public offering (“IPO”) or Venator’s December 4, 2017 secondary public offering
+$19,000,000Total Settlement Amount