The Law Offices of Frank R. Cruz reminds investors of the
upcoming April 6, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of investors who
acquired Sasol Limited (“Sasol” or the Company”) (NYSE: SSL)
securities between March 10, 2015 and January 13, 2020
inclusive (the “Class Period”).
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.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that 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; (2) that construction and
operation of the LCCP was consequently plagued by control
weaknesses, delays, rising costs, and technical issues; (3) that
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 project’s oversight; (4)
that all of the foregoing was reasonably likely to render the LCCP
significantly more expensive than disclosed and negatively impact
the Company’s financial results; and (5) that as a result, the
Company’s public statements were materially false and misleading at
all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Sasol securities during
the Class Period, you may move the Court no later than April 6,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action you need
not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the class
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
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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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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