NEW YORK, Nov. 23, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of LSB Industries, Inc. ("LSB" or the "Company") (NYSE: LXU), during the period between May 8, 2015 and August 7, 2015 inclusive. (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that LSB Industries costs related to the expansion of the El Dorado Facility would be significantly higher than reported.
On May 8, 2015, LSB estimated the total cost related to the expansion of its El Dorado Facility to be in the range of $495 million to $520 million. On July 14, the Company raised its cost estimate for the expansion to be in the range of $560 million to $575 million due to "productivity and quality issues with a subcontractor responsible for the installation of piping in the ammonia plant." Then, on August 7, 2015, LSB disclosed that the total cost to complete the El Dorado Facility expansion would be in the range of $660 million to $680, significantly higher that its May and July 2015 estimates, "due, in part, to work performed by a previous subcontractor." LSB further revealed that it intended to implement certain recommendations after the Strategic Committee of the LSB Industries Board of Directors reviewed the Company's business strategy, corporate governance structure, related party transactions and other governance practices of the Company.
On this news, shares of LSB declined $12.09 per share, over 34%, to close at $23.01 on August 7, 2015, on heavy volume.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in LSB you have until January 19, 2016 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 Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC