Period: Nov 9, 2016 to Feb 20, 2017
Lead Plaintiff Deadline: Apr 24, 2017
Summary of Case:
A securities class action has been filed against Rentech, Inc. (NASDAQ: RTK) on behalf of purchasers of Rentech from November 9, 2016 through February 20, 2017. This case has been filed in the USDC - NY (Eastern).
The Complaint allegesthroughout 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 this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.