SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of LSB Industries, Inc. - LXU
NEW YORK, Oct. 2, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of LSB Industries, Inc. ("LSB Industries or the "Company") (NYSE: LXU). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether LSB Industries and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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.
On September 3, 2015, the Company announced that LSB President and Chief Executive Officer Barry H. Golsen had resigned effective immediately.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP
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