Glancy Prongay & Murray LLP (GPM) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Treankler v. Ferroglobe PLC et al., (Case No. 1:19-cv-00629), on behalf of persons and entities that purchased or otherwise acquired Ferroglobe PLC (NASDAQ: GSM) (Ferroglobe or the Company) securities between August 21, 2018 and November 26, 2018, inclusive (the Class Period). Plaintiff pursues claims under the Securities Exchange Act of 1934 (the Exchange Act).
Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
If you are a shareholder who suffered a loss, click here to participate.
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.
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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.
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If you purchased Ferroglobe securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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