NEW YORK, April 22, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Platform Specialty Products Corporation ("Platform" or the "Company") (NYSE: PAH) and certain of its officers. The class action, filed in United States District Court, Southern District of Florida, and docketed under 16-cv-80490, is on behalf of a class consisting of all persons or entities who purchased Platform securities between February 17, 2015 and March 14, 2016 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Platform securities during the Class Period, you have until June 1, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Platform was founded in 1922. Formerly known as Platform Acquisition Holdings Limited, the Company changed its name to Platform Specialty Products Corporation in October 2013. Platform is headquartered in West Palm Beach, Florida.
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) Arysta had made improper third-party payments in West Africa; (ii) that the foregoing payments were unlawful under the U.S. Foreign Corrupt Practices Act ("FCPA"); and (iii) as a result of the foregoing, Platform's public statements were materially false and misleading at all relevant times.
On March 11, 2016, Platform disclosed in its 2015 annual report that the Company had "discovered certain payments made to third-party agents in connection with Arysta's government tender business in West Africa which may be illegal or otherwise inappropriate" and had "engaged outside counsel and an outside accounting firm to conduct an internal investigation to review the legality of these and other payments . . . including Arysta's compliance with the FCPA."
On this news, Platform stock fell $0.28 per share, or 3.16%, to close at $8.57 on March 14, 2016, the following trading day.
On March 14, 2016, shortly before the end of the trading day, the Wall Street Journal published a story addressing these disclosures by Platform, entitled "Chemical Company Notifies U.S. of West Africa FCPA Probe."
On this news, Platform stock fell $0.62 per share, or 7.23%, to close at $7.95 on March 15, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP