Shareholder Alert: Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Against Chemical and Mining Company of Chile -- SQM
RADNOR, Pa., April 1, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against Chemical and Mining Company of Chile (NYSE: SQM) ("SQM" or the "Company") on behalf of purchasers of the Company's American Depositary Shares ("ADS" or "Shares"), between March 4, 2014 and March 17, 2015, inclusive (the "Class Period").
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/SQM.
Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706.
SQM is engaged in the production and distribution of specialty plant nutrients, iodine and its derivatives, lithium and its derivatives, potassium chloride, potassium sulfate and other industrial chemicals.
According to the complaint filed in the action, during the Class Period SQM and certain of its executive officers made a series of false and misleading statements and/or failed to disclose to investors that: (1) money from SQM was channeled illicitly to electoral campaigns for the Independent Democratic Union ("UDI"), Chile's largest conservative party; (2) SQM lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, SQM's financial statements were materially false and misleading at all relevant times.
Beginning in February 2015, SQM issued a series of disclosures linking the Company to an ongoing political contribution investigation. Additionally, SQM's Board of Directors (the "Board") formed a Special Committee "to investigate such matters," and terminated the employment of the Company's Chief Executive Officer. As a result of these partial disclosures, SQM's Shares declined from a closing price of $26.17 per share on February 25, 2015 to a closing price of $22.10 per share on March 17, 2015, a decline of over 15 percent.
Finally, on March 18, 2015, SQM announced the resignation of three of its Board members. Notably, all three resigning members of the Board were representatives from Canadian stakeholder Potash Corporation (including Potash Corporation's Chief Financial Officer). On this news, SQM's Shares declined an additional $3.45 per share, or 15.6 percent, to close on March 18, 2015 at $18.65 per share, on extremely heavy trading volume.
SQM shareholders may, no later than May 18, 2015, petition the Court for appointment as a lead plaintiff of the Class. A lead plaintiff is a representative party who acts on behalf of all shareholders in directing the class action litigation against the Company.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at [email protected]. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/case/SQM.
Members of the class may, no later than May 18, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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