The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Sasol Limited Investors (SSL)
February 06 2020 - 1:00PM
Business Wire
The Law Offices of Frank R. Cruz announces an investigation on
behalf of Sasol Limited (“Sasol” or the “Company”) (NYSE: SSL)
investors concerning the Company and its officers’ possible
violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
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.
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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 Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200206005716/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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