WAYNE, Pa., Oct. 16, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of persons who purchased or acquired the shares of LSB Industries, Inc. (NYSE: LXU) ("LSB" or the "Company") between May 8, 2015 and August 7, 2015, inclusive (the "Class Period").
LSB shareholders may, no later than November 24, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of LSB and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/lxu.
LSB is a manufacturing and marketing company. The Company's principal business activities consist of the manufacture and sale of chemical products, and of commercial and residential climate control products.
The Complaint alleges that, during the Class Period, LSB and certain of its executive officers made a series of false and misleading statements and/or failed to disclose: (1) that the Company's costs related to the expansion of the El Dorado Facility would be significantly higher than reported; and (2) that, as a result of the foregoing, the Company's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
As detailed in the Complaint, on August 7, 2015, LBS 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. Additionally, the Company announced that the total cost to complete its El Dorado Facility expansion would be $660 – $680 million, significantly higher that its previous estimates for the facility of $495 – $520 million and, most recently in July 2015, of $560 – $575 million.
On this news, shares of LSB declined $12.09 per share, or over 34%, to close on August 7, 2015 at $23.01 per share, on heavy volume.
If you are a member of the class, you may, no later than November 24, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP