NEW YORK, March 17, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Rentech, Inc. (“Rentech” or the “Company”) (NASDAQ: RTK ) of the April 24, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Rentech securities between November 9, 2016 and February 20, 2017 (the “Class Period”). The case, Las Heras v. Rentech, Inc. et al , No. 2:17-cv-00997 was filed on February 22, 2017, and has been assigned to Judge Leonard D Wexler.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company’s resources were not sufficient to overcome any operating challenges and remaining bottleneck at the Wawa facility; (2) subsequently, the Wawa facility would not reach approximately 60% of production capacity within the next couple quarters and achieve full capacity in the range of 400,000 to 450,000 metric tons late in the year; (3) as a result, the Company’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable bases.
Specifically, pre-market on February 21, 2017, Rentech issued a press release announcing that it would idle its Wawa facility due to equipment and operational issues and that it is exploring strategic alternatives for both the Wawa facility and the Company.
On this news, Rentech’s share price fell from $2.75 per share on February 17, 2017 to a closing price of $1.44 on February 21, 2017 —a $1.31 or a 47.64% drop.
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Take Action
If you invested in Rentech securities between November 9, 2016 and February 20, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/RTK . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Rentech’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
