Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that acquired Ferroglobe PLC (Ferroglobe or the Company) (NASDAQ: GSM) securities between August 21, 2018 and November 26, 2018, inclusive (the Class Period). Ferroglobe investors have until March 25, 2019 to file a lead plaintiff motion.
On November 26, 2018, the Company reported a net loss of $2.9 million for the third quarter 2018, compared to a net profit of $66.0 million the prior quarter. On this news, the Companys share price fell $2.97 per share, more than 62%, to close at $1.80 per share on November 27, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that there was excess supply of the Companys products; (2) that demand for the Companys products was declining; (3) that, as a result, the pricing of the Companys products would be materially impacted; and (4) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Ferroglobe, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at 215-638-4847, toll-free at 888-638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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