NEW YORK, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ferroglobe PLC ("Ferroglobe" or the "Company")(NASDAQ: GSM ) of the March 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ferroglobe stock or options between August 21, 2018 and November 26, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/GSM. There is no cost or obligation to you.
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.
CONTACT:
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
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Ferroglobe securities between August 21, 2018 and November 26, 2018 (the "Class Period"). The case, Treankler v. Ferroglobe PLC et al. , No. 19-cv-00629 was filed on January 22, 2019 and has been assigned to Judge Ronnie Abrams.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that there was excess supply of the Company’s products; (2) that demand for the Company’s products was declining; and (3) that, as a result, the pricing of the Company’s products would be materially impacted.
On November 26, 2018, the Company reported poor financial results for the third quarter 2018. In a press release, the Company reported a net loss of $2.9 million and adjusted EBITDA of $45.0 million, which was down 47.9% from the prior quarter adjusted EBITDA of $86.3 million.
On this news, Ferroglobe's share price fell from $4.77 per share on November 26, 2018 to a closing price of $1.80 on November 27, 2018: a $2.97 or a 62.26% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ferroglobe's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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