STEVENSON, Md., May 10, 2016 /PRNewswire/ -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of Horsehead Holding Corp. (Nasdaq: ZINC) ("Horsehead" or the "Company") securities during the period between May 21, 2014 and February 2, 2016, inclusive (the "Class Period"). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until June 21, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company's securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that challenging construction defects and operational problems resulting from fundamental engineering and operational defects at a facility located in Mooresboro, North Carolina (the "Mooresboro Facility") had left the facility unable to operate as planned such that production disruptions prevented production capacity to reach 50%, and tens of millions of dollars in costs related to these problems were anticipated, and that the Company did not have sufficient liquidity to sustain it through the full ramp-up of the Mooresboro Facility.
According to the complaint, following a December 10, 2015 ratings downgrade of the Company's corporate debt by Moody's, the January 2016 failure by the Company to make an interest payment to certain holders of the Company's convertible senior notes and default on multiple credit agreements, the January 22, 2016 Horsehead announcement that it was idling the Mooresboro Facility and laying off most employees at the site, and the February 2, 2016 announcement that the Company had filed for bankruptcy, the value of Horsehead shares declined significantly.
If you have suffered a loss from investment in Horsehead securities purchased on or after May 21, 2014, and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
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SOURCE Brower Piven, A Professional Corporation