BENSALEM, Pa.–(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;–Law Offices of Howard G. Smith reminds investors of the upcoming July
22, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased Livent Corporation
(“Livent” or the “Company”) (NYSE: LTHM)
securities pursuant and/or traceable to the registration statement and
prospectus (collectively, the “Registration Statement”) issued in
connection with the Company’s October 2018 initial public offering
(“IPO” or the “Offering”).
Investors suffering losses on their Livent investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to [email protected].
In October 2018, Livent 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 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, over 4%, to close at $12.55, on February 12,
2019, thereby injuring investors.
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, nearly 16%, to close at $9.03 on
May 8, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that the Registration
Statement was false and misleading and omitted to state material adverse
facts. Specifically, Defendants failed to disclose to investors: (1)
that a supply contract with Nemaska Lithium Inc. had been terminated;
(2) that, as a result, the Company would be forced to fulfill its
customer contracts using alternative vendors at reduced revenues and
lower margins; (3) 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; (4) that the Company’s margins were
squeezed due to the customer’s increased orders; and (5) 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.
If you purchased shares of Livent during the Class Period you may move
the Court no later than July 22, 2019 to ask the Court
to appoint you as lead plaintiff if you meet certain legal requirements.
To be a member of the class action you need not take any action at this
time; you may retain counsel of your choice or take no action and remain
an absent member of the class action. If you wish to learn more about
this class action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
