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CMP.US
On September 23, 2022, the SEC announced that Compass (CMP) was ordered to pay $12 million to settle charges “for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company’s excessive discharge of mercury in Brazil.”

According to the SEC’s order, Compass repeatedly assured investors in 2017 that a technology upgrade at its Goderich mine – the world’s largest underground salt mine which is located near Ontario, Canada, and hailed by the company as its crown jewel – was on track to materially reduce costs and boost its operating results starting in 2018. Compass’s statements were misleading because they failed to tell investors that costs at the mine were increasing rather than decreasing, which substantially undermined the projected savings. The SEC also found that Compass misled investors by overstating the amount of salt it was able to produce at Goderich.

The SEC’s order found that Compass violated the antifraud, reporting, and internal controls provisions of the Securities Act and the Exchange Act and various related rules.

Current and former shareholders of the Company have reasons to believe that Compass and its Leaders breach fiduciary duties to them.

Alleged Offence
Misleading Statements
Fraud
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
23 September 2022
Collecting participants…
Created by Stan Vick, Scout

Compass Minerals International Inc

Compass Minerals International, Inc., provides essential minerals in the United States, Canada, the United Kingdom, and internationally. It operates through two segments, Salt and Plant Nutrition. ...

    Ticker
    CMP.US
    ISIN
    US20451N1019
    CIK
    1227654
    Sector
    Basic Materials
    Industry
    Other Industrial Metals & Mining
    Country
    USA
    Address
    9900 West 109th Street, Overland Park, KS, United States, 66210