NEW YORK, Aug. 25, 2015 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in LSB Industries, Inc. securities (NYSE: LXU). LSB investors can contact Fei-Lu Qian at 877.370.7703 or firstname.lastname@example.org for more information.
On May 8, 2015, the Company estimated that the total cost related to expansion projects at the Company's production facility called El Dorado Chemical Company would be in the range of $495 million to $520 million. As recent as July 14, 2015, the Company provided a status update on the El Dorado expansion projects with an updated total cost range of $560 million to $575 million.
However, less than a month later, on August 7, 2015, before the market opened, LSB reported disappointing net sales of approximately $183 million for the second quarter of 2015, compared to approximately $202 million for the same period a year ago. In addition, the Company disclosed "that the total cost to complete the El Dorado Expansion projects will exceed what we previously projected, due, in part, to work performed by a previous subcontractor." Specifically, the Company estimated the total cost now "to be in the range of $660 million to $680 million."
On this news, LSB shares plummeted $12.09 per share or more than 34%, to close at $23.01 per share on August 7, 2015.
Wolf Popper LLP has extensive experience representing shareholders in securities class actions and has successfully recovered billions of dollars for defrauded investors. The reputation and expertise of the firm in representing shareholders has been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome. Wolf Popper LLP Fei-Lu Qian 845 Third Avenue New York, NY 10022 Tel.: 877.370.7703 Fax: 877.370.7704 Email: email@example.com
SOURCE Wolf Popper LLP