NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24LTHM&src=ctag” target=”_blank”gt;$LTHMlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Eastern District of Pennsylvania on
behalf of those who acquired Livent Corporation (“Livent” or the
“Company”) (NYSE: LTHM)
securities pursuant and/or traceable to its October 2018 Initial Public
Offering (“IPO”). Investors have until July 22, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Livent’s Registration Statement was false and
misleading and failed to disclose: (i) that a supply contract with
Nemaska Lithium Inc. had been terminated; (ii) that, as a result, the
Company would be forced to fulfill its customer contracts using
alternative vendors at reduced revenues and lower margins; (iii) 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; and (iv) that the Company’s margins were squeezed due to the
customer’s increased orders.
In October 2018, Livent completed its IPO in which it sold 23 million
shares of its common stock at $17.00 per share. 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,
approximately 4.3%, to close at $12.55 on February 12, 2019.
Then, on May 8, 2019, the Company announced disappointing financial
results for first quarter 2019, citing further customer issues. On this
news, Livent’s share price fell $1.70, approximately 15.8%, to close at
$9.03 on May 8, 2019.
If you acquired Livent securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected],
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
[email protected]
www.kmllp.com
