NEW YORK, Feb. 6, 2020 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of Sasol
Limited ("Sasol" or the "Company") (NYSE: SSL) between March 10, 2015, and January 13, 2020 (the "Class Period"). The
lawsuit filed in the United States
District Court for the Southern District of New York alleges violations of the Securities
Exchange Act of 1934.
If you purchased Sasol securities, and/or would like to
discuss your legal rights and options please visit Sasol
Shareholder Investigation or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) Sasol had conducted
insufficient due diligence into, and failed to account for multiple
issues with, the LCCP, as well as the true cost of the project;
(ii) construction and operation of the LCCP was consequently
plagued by control weaknesses, delays, rising costs, and technical
issues; (iii) these issues were exacerbated by Sasol's top-level
management, who engaged in improper and unethical behavior with
respect to financial reporting for the LCCP and the projects
oversight; (iv) all the foregoing was reasonably likely to render
the LCCP significantly more expensive than disclosed and negatively
impact the Company's financial results; and (v) as a result, the
Company's public statements were materially false and misleading at
all relevant times.
On June 6, 2016, Sasol reported
that the expected total capital expenditure for the [LCCP] could
increase up to US$11 billion.
Following these disclosures, Sasol's ADR price fell $3.53 per share, or 10.99% to close at
$28.60 per share on June 6, 2016.
On May 22, 2019, during pre-market
hours, Sasol disclosed 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.
Following these disclosures, Sasol's ADR price fell $4.50 per share, or 14.93%, to close at
$25.64 per share on May 22, 2019.
Later, on August 16, 2019, during
pre-market hours, Sasol issued a press release disclosing that it
was delaying the announcement of its 2019 financial results because
of possible LCCP control weaknesses. On this news, Sasol's ADR
price fell $0.74 per share, or 4.02%,
to close at $17.67 per share on
August 16, 2019.
Then, on October 28, 2019, Sasol
disclosed that its review of the LCCP control weaknesses had
brought to light errors, omissions, and inaccuracies in the [LCCP]
cost estimate, and a number of unethical and improper reporting
activities that took place at the highest level of management.
Finally, on January 14, 2020,
Sasol issued a press release confirming that on January 13, 2020, the Company experienced an
explosion and fire at its LCCP low-density polyethylene (LDPE)
unit. Following these disclosures, Sasol's ADR price fell
$1.70 per share, or 7.84%, over the
following two trading days, closing at $19.99 per share on January 15, 2020.
If you purchased Sasol securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/sasollimited-ssl-shareholder-class-action-lawsuit-stock-fraud-245/apply/ or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 6, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
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Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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