PHILADELPHIA, June 20, 2024 (GLOBE NEWSWIRE) — Berger Montague advises buyers {that a} securities fraud class motion lawsuit has been filed towards Compass Minerals Worldwide (NYSE:), Inc. (Compass Minerals or the Firm) (NYSE: CMP) on behalf of purchasers of Compass Minerals securities between November 29, 2023 and March 22, 2024, inclusive (the Class Interval).
Investor Deadline: Traders who bought or acquired Compass Minerals securities in the course of the Class Interval could, no later than June 24, 2024, search to be appointed as a lead plaintiff consultant of the category. For added info or to discover ways to take part on this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015, or CLICK HERE.
Headquartered in Overland Park, Kansas, Compass Minerals describes itself as a number one world supplier of important minerals centered on safely delivering the place and when it issues to assist resolve nature’s challenges for patrons and communities.
Compass Minerals started a sequence of fairness investments in Fortress North America, LLC (Fortress), which it has described as a next-generation hearth retardant enterprise devoted to growing and producing a portfolio of magnesium chloride-based hearth retardant merchandise to assist fight wildfires. On Might 5, 2023, Compass Minerals absolutely took over Fortress. In 2023, Fortress solely offered its hearth retardant merchandise to the US Forest Service (the USFS).
On March 25, 2024, earlier than the market opened, the Firm issued a press launch entitled Compass Minerals Declares the Firm Will Not Safe a USFS Contract to Provide Magnesium Chloride-Primarily based Aerial Hearth Retardants for the 2024 Hearth Season.
Following this information, the value of Compass Minerals inventory fell $3.00 per share, or 17.09%, to shut at $14.55 on March 25, 2024. The following day, Compass Minerals inventory fell an extra $0.86 per share, or 5.91%, to shut at $13.69.
The criticism alleges that all through the Class Interval, the defendants made false and/or deceptive statements and/or didn’t disclose that: (1) Compass Minerals overstated the probability that it could be awarded a renewed USFS contract for the usage of its proprietary magnesium chloride-based aerial hearth retardants for the 2024 hearth season, because of questions of safety offered by its hearth retardant; and (2) Compass Minerals materially overstated the extent to which testing had confirmed that its hearth retardants had been protected.
Be taught Extra Concerning the Lawsuit
A lead plaintiff is a consultant celebration who acts on behalf of all class members in directing the litigation. The lead plaintiff is normally the investor or small group of buyers who’ve the most important monetary curiosity and who’re additionally ample and typical of the proposed class of buyers. The lead plaintiff selects counsel to signify the lead plaintiff and the category and these attorneys, if authorised by the courtroom, are lead or class counsel. Your skill to share in any restoration shouldn’t be, nevertheless, affected by the choice whether or not or to not function a lead plaintiff. Speaking with any counsel shouldn’t be essential to take part or share in any restoration achieved on this case. Any member of the purported class could transfer the Courtroom to function a lead plaintiff via counsel of his/her selection, or could select to do nothing and stay an inactive class member.
Berger Montague, with places of work in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class motion litigation since its founding in 1970. Berger Montague has represented particular person and institutional buyers for over 5 many years and serves as lead counsel in courts all through the US.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]