Cases
Rentech, Inc. (NASDAQ: RTK)
Securities Class Action
Overview
Overview
- Date:
- 1/1/2017
- Status:
- Closed/Complete
NEW YORK, February 23, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who acquired Rentech, Inc. (NASDAQ: RTK) securities between November 9, 2016 to February 20, 2017 (the “Class Period”).
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Rentech’s resources were not sufficient to overcome any operating challenges and remaining bottleneck at the Wawa facility; (2) consequently, the Wawa facility would not reach approximately 60% of production capacity within the next couple quarters and achieve full capacity in the range of 400,000 to 450,000 metric tons late in the year; (3) as a result, defendants’ statements about Rentech’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. On February 21, 2017, Rentech announced its decision to idle the Wawa facility due to equipment and operational issues that would require additional unbudgeted capital investment. On this news, shares of Rentech fell $1.31 per share or over 47% from its previous closing price to close at $1.44 per share on February 21, 2017, damaging investors.
If you purchased or otherwise acquired Rentech securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Rentech’s resources were not sufficient to overcome any operating challenges and remaining bottleneck at the Wawa facility; (2) consequently, the Wawa facility would not reach approximately 60% of production capacity within the next couple quarters and achieve full capacity in the range of 400,000 to 450,000 metric tons late in the year; (3) as a result, defendants’ statements about Rentech’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. On February 21, 2017, Rentech announced its decision to idle the Wawa facility due to equipment and operational issues that would require additional unbudgeted capital investment. On this news, shares of Rentech fell $1.31 per share or over 47% from its previous closing price to close at $1.44 per share on February 21, 2017, damaging investors.
If you purchased or otherwise acquired Rentech securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.