Lead Plaintiff Deadline: 04/06/2020
SUMMARY OF CASE:
A securities class action has been filed against Sasol Limited (SSL) on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Sasol securities between March 10, 2015 through January 13, 2020. This case has been filed in the USDC – S.D.N.Y.
The Complaint alleges on January 14, 2020, Sasol issued a press release confirming that on January 13, 2020, the Company “experienced an explosion and fire at its LCCP low-density polyethylene (LDPE) unit” of its Lake Charles chemicals project in Louisiana. Sasol stated that “[t]he unit was in the final stages of commissioning and startup when the incident occurred” and “has been shut down and an investigation is underway to determine the cause of the incident, the extent of the damage and resulting impact on the LDPE unit’s [beneficial operation] schedule.”
On this news, Sasol’s American depositary receipt price fell $1.70 per share, or 7.84%, over the following two trading days, closing at $19.99 per share on January 15, 2020.