VENATOR MATERIALS PLC NEW YORK, Aug. 6, 2019 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Venator Materials PLC ("Venator" or the Company") (NYSE: VNTR) Investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/vntr.
The investigation concerns whether Venator and certain of its officers and/or directors have violated federal securities laws.
On January 30, 2017, a fire ravaged one of Venator's key Titanium Dioxide manufacturing plants located in Pori, Finland. Before the fire, the Pori facility could produce up to 130,000 metric tons of Titanium Dioxide each year, which represented approximately 17% of the Company's total Titanium Dioxide capacity and approximately 2% of total global demand for the chemical. On or around August 3, 2017, Venator conducted its initial public offering ("IPO"), through which more than 26 million ordinary shares of Venator were sold at $20 per share. Four months after the IPO, on or around December 4, 2017, Venator conducted a secondary public offering, through which an additional 23.7 million ordinary shares of Venator were sold at $22.50 per share. On July 31, 2018, Venator revealed that the fire damage at the Pori facility was far more extensive than the Company had previously represented to investors. Specifically, Venator announced that the cost to repair the facility had climbed to more than $375 million above the insurance policy limits, more than double the amount disclosed to investors just two months after the IPO. On this news, Venator's stock price fell $0.73 per share, or 4.76%, to close at $14.62 per share on July 31, 2018. Then, on September 12, 2018, Venator announced that it was abandoning the Pori facility altogether, despite the Company's previous assurances that the site would be repaired and restored back to its full operating capacity. The Company also revealed that the facility was still only operating at 20% capacity and thus had not increased production by any meaningful amount during the thirteen months since the IPO. On this news, Venator's stock price fell $0.54 per share, or 4.76%, to close at $10.81 per share on September 12, 2018. Finally, on October 30, 2018, Venator announced that in addition to the over $500 million in costs and lost business associated with the Pori fire incurred to date—which had been covered by Venator's insurance policy—the Company incurred an additional restructuring expense of approximately $415 million and would incur additional "charges of $220 million through the end of 2024" related to the Pori site. On this news, Venator's stock price fell $1.53 per share, or 19.13%, to close at $6.47 per share on October 30, 2018.
If you are aware of any facts relating to this investigation, or purchased Venator shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/vntr. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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