Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Ferroglobe (NASDAQ:GSM) in connection to alleged violations of securities laws by GSM. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Ferroglobe between August 21, 2018 and November 26, 2018.
The class action complaint specifically alleges that during the period in question, GSM provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company was experience an excess in the supply of its products; that the company was experiencing a decline in demand for its products; that the consequence of these factors was a material impact on the price of the company’s products; and that consequently the company’s statements to the public during the relevant period about its business, operations and prospects were false and misleading and/or had no reasonable basis in fact. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Ferroglobe is “one of the largest producers of a wide variety of metal alloys and other metallic products.” According to its description, it uses modern technology to provide the best products, which it describes as critical to various industrial and consumer products. “This business approach allows the company to be at the forefront of silicon-based alloys production,” its description goes on, “but also provide manganese, ferrosilicon alloys and silica fume among others.” The company’s business areas include electrometallurgy, mining, energy, and solar photovoltaic technologies, with units operating in Spain, the United States, France, Canada, South Africa, Argentina, Venezuela, and China. The company trades on the Nasdaq exchange under the symbol GSM.
A class action lawsuit has already been filed in connection with Ferroglobe. If you wish to serve as lead plaintiff in the GSM lawsuit, you must move the Court no later than March 25, 2019. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.