SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Horsehead...
12 Maio 2016 - 11:44AM
Faruqi & Faruqi, LLP, a leading national securities law firm,
reminds investors in Horsehead Holding Corp. (“Horsehead” or the
“Company”) (NASDAQ:ZINC) of the June 21, 2016 deadline to seek the
role of lead plaintiff in a federal securities class action lawsuit
filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the
District of Delaware on behalf of all those who purchased Horsehead
securities between May 21, 2014 and February 2, 2016 (the “Class
Period”). The case, Soto v. Hensler et al, No. 1:16-cv-00292
was filed on April 22, 2016.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by failing to disclose the reality
of the operational, cost and efficiency challenges at the
Mooresboro Facility (“Facility”).
Specifically, the lawsuit alleges a series of partial
disclosures on the problems at the Facility started on November 9,
2015, when the Company’s President and Chief Executive Officer
(“CEO”) and other executives spoke about increased efforts into
addressing issues at the Facility.
Then, on December 10, 2015, Moody’s downgraded the Company’s
corporate debt from B3 to Caa2 citing a negative outlook on the
state of the Facility. In early January 2016, the Company failed to
make a $1.8 million interest payment to certain holders of the
Company’s convertible senior notes and shortly thereafter defaulted
on multiple credit agreements.
On January 22, 2016, Horsehead announced a cease in operations
at the Facility and the firing of most employees at the site.
On February 2, 2016, Horsehead announced that it had
initiated bankruptcy proceedings under Chapter 11 of the U.S.
Bankruptcy Code. Shortly after, on February 11, 2016, trading
in Horsehead stock was suspended and, on February 23, its common
stock was delisted from the NASDAQ stock exchange.
The Company’s Class Period high of $20.40 per share on July 23,
2014 lost 99% of its value as these revelations came to light.
Request more information now by clicking here:
www.faruqilaw.com/ZINC. There is no cost or obligation to
you.
Take Action
If you invested in Horsehead stock or options between May 21,
2014 and February 2, 2016 and would like to discuss your legal
rights, visit www.faruqilaw.com/ZINC. You can also contact us by
calling Richard Gonnello toll free at 877-247-4292 or at
212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
Faruqi & Faruqi, LLP also encourages anyone with
information regarding Horsehead’s conduct to contact the firm,
including whistleblowers, former employees, shareholders and
others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
is adequate and typical of class members who directs and oversees
the litigation on behalf of the putative class. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any
recovery is not affected by the decision of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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