NEW YORK, Feb. 24, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Rentech, Inc. ("Rentech" or the "Company") (NASDAQ: RTK) and certain of its officers, and is on behalf of purchasers of Rentech securities between November 9, 2016 and February 20, 2017, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/rtk.
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").
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Rentech's resources were not sufficient to overcome any operating challenges and remaining bottleneck at its Wawa facility; (2) as result, the Wawa facility would not reach approximately 60% of production capacity within the next couple quarters and achieve full capacity in the range of 400,000 to 450,000 metric tons late in the year; (3) consequently, Defendants' statements about Rentech's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 21, 2017, Rentech revealed due to equipment and operational issues that requires additional unbudgeted capital investments, it would idle its Wawa facility. Rentech also mentioned "continued uncertainty" about the profitability of pellets produced at the facility and advised shareholders that it was exploring strategic alternatives for both the Wawa facility and the Company. Following this news, Rentech stock dropped over 47% from its previous closing price to close at $1.44 per share on February 21, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/rtk or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Rentech you have until April 24, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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