BENSALEM, Pa.–(BUSINESS WIRE)–$SSL #classaction–Law Offices of Howard G. Smith announces an investigation on behalf of Sasol Limited (“SSL” or the Company”) (NYSE: SSL) investors concerning the Company and its officers’ possible violations of federal securities laws.
On October 27, 2014, Sasol announced the construction of an $8.1 billion ethane cracker and derivatives complex called the Lake Charles Chemicals Project (“LCCP”).
On June 6, 2016, Sasol reported “that the expected total capital expenditure for the [LCCP] could increase up to US $11 billion, including site infrastructure and utility improvements.” Moreover, the Company disclosed that “the estimated LCCP capital cost and extended schedule will reduce the expected project returns by approximately the same amount as the Company’s lower long-term price assumptions.”
On this news, Sasol’s American depositary receipt (“ADR”) price fell $3.53 per share, or approximately 11%, to close at $28.60 per share on June 6, 2016, thereby injuring investors.
On May 22, 2019, during pre-market hours, Sasol revealed that “the cost estimate for the LCCP has been revised to a range of $12.6 to $12.9 billion which includes a contingency of $300 million.”
On this news, Sasol’s ADR price fell $4.50 per share, or nearly 15%, to close at $25.64 per share on May 22, 2019, thereby injuring investors further.
On August 16, 2019, during pre-market hours, Sasol postponed its full year 2019 financial results because of “possible LCCP control weaknesses.”
On this news, Sasol’s ADR price fell $0.74 per share, or over 4%, to close at $17.67 per share on August 16, 2019, thereby injuring investors further.
On October 28, 2019, Sasol disclosed that there were “errors, omissions, and inaccuracies in the [LCCP] cost estimate” and that the highest level of management had engaged in a number of unethical and improper reporting activities. Sasol also announced the resignation of, inter alia, its Joint Presidents and Chief Executive Officers (“CEOs”) and Senior Vice Presidents and others previously in charge of the LCCP.
On January 14, 2020, Sasol confirmed “an explosion and fire at its LCCP low-density polyethylene (LDPE) unit.” Sasol stated that “[t]he unit was in the final stages of commissioning and startup when the incident occurred.”
On this news, Sasol’s ADR price fell $1.70 per share, or nearly 8%, over the following two trading days to close at $19.99 per share on January 15, 2020, thereby injuring investors further.
If you purchased Sasol securities, have information or would like to learn more about these claims, or 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.
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