PHILADELPHIA, Feb. 14, 2020 /PRNewswire/ -- Berger Montague announces that a class action lawsuit has been filed against Sasol Limited ("Sasol" or the "Company") on behalf of all purchasers of Sasol securities between March 10, 2015 and January 13, 2020 ("Class Period"). Sasol's American Depositary Receipts ("ADRs") trade on the NYSE.
If you wish to discuss the claims against Sasol or have any questions concerning your rights or interests, please contact our attorneys Andrew Abramowitz, Esq. at (215) 875-3015 or Michael Dell'Angelo, Esq. at (215) 875-3080, or visit www.bergermontague.com/sasol.
According to the Complaint, Defendants misled investors by misrepresenting and/or failing to disclose that:
Sasol conducted insufficient due diligence into and inadequately accounted for multiple issues with its Lake Charles chemical plant ("LCCP"), and misrepresented the LCCP's true cost;
Construction and operation of the LCCP was plagued by delays, rising costs, and technical issues; and
Sasol's senior management exacerbated these issues by engaging in improper behavior concerning financial reporting and oversight with respect to the LCCP.
Investors began to learn the true state of the LCCP through a series of disclosures. First, on May 22, 2019, Sasol abruptly raised the project's cost estimate by $1 billion and disclosed an internal review into the project's costs and construction schedule. The Company admitted to weaknesses in the project's integrated controls, as well as significant additional concerns related to the project's forecasting process.
Then, on October 27, 2019, Sasol terminated its co-CEOs following an internal probe showing that the LCCP management team had acted inappropriately, lacked experience, and was overly focused on maintaining cost and schedule estimates instead of providing accurate information.
Finally, on January 13, 2020, Sasol disclosed that an explosion and fire had occurred at the LCCP's low-density polyethylene unit, which necessitated a shutdown of the unit.
Each of these disclosures caused the price of Sasol's ADRs to decline sharply.
If you purchased Sasol securities during the Class Period, no later than April 6, 2020, you may request that the Court appoint you lead plaintiff of the proposed Class. You do not need to be a lead plaintiff to share in any possible recovery to the Class.
Whistleblowers: Persons with non-public information regarding Sasol should consider their options to help Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of successful recoveries obtained by the SEC. For more information, please contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.