LEAD PLAINTIFF DEADLINE IS APRIL 6, 2020
NEW YORK, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the Southern District of New York on behalf of investors of Sasol Limited (“Sasol” or the Company”) (SSL) who purchased Sasol American Depositary Receipts (“ADR’s”) between March 10, 2015 and January 13, 2020 inclusive (the “Class Period”).
All investors who purchased American Depositary Receipts of Sasol Limited and incurred losses are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information and join the action on our website, www.whafh.com.
If you have incurred losses in the ADR’s of Sasol Limited, you may, no later than April 6, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Sasol Limited.
On October 27, 2014, Sasol announced the construction of a of an $8.1 billion ethane cracker and derivatives complex in Lake Charles, Louisiana, dubbed the Lake Charles Chemicals Project (“LCCP”). According to the Company, the LCCP includes seven manufacturing units, some of which are in continued development, including the low-density polyethylene (“LDPE”) facility and Ziegler alcohol, ethoxylates and Guerbet alcohol facilities, among others.
On June 6, 2016, Sasol reported “that the expected total capital expenditure for the [LCCP] could increase up to US$11 billion, including site infrastructure and utility improvements”; a slower rate of capital “resulted in an extended project schedule and contributed to further project cost increases”; “[t]he expected returns for the project have reduced due to changes in long-term price assumptions and the higher capital estimates”; and “[t]he increase in the estimated LCCP capital cost and extended schedule will reduce the expected project returns by approximately the same amount as the Company’s lower long-term price assumptions.”
Following these disclosures, Sasol’s share price fell $3.53 per share, or 10.99%, to close at $28.60 per share on June 6, 2016.
On May 22, 2019, Sasol disclosed that “the cost estimate for the LCCP has been revised to a range of $12,6 to $12,9 billion which includes a contingency of $300 million.” Sasol cited a $530 million change in the project’s cost forecast because of a “[c]orrection for duplication of investment allowances of approximately $230 million”; a “[c]orrection for certain contracts and variation orders managed by Sasol, outside the primary engineering, procurement and construction contract, of approximately $180 million”; and forecast improvements that were “not expected to be realised and adjustments for potential insurance claims and procurement back-charges of approximately $120 million.”
Following these disclosures, Sasol’s share price fell $4.50 per share, or 14.93%, to close at $25.64 per share on May 22, 2019.
Later, on August 16, 2019, Sasol issued a press release disclosing that it was delaying the announcement of its 2019 financial results because of “possible LCCP control weaknesses.”
On this news, Sasol’s share price fell $0.74 per share, or 4.02%, to close at $17.67 per share on August 16, 2019.
Then, on October 28, 2019, Sasol disclosed that its review of the LCCP control weaknesses had brought to light “errors, omissions, and inaccuracies in the [LCCP] cost estimate,” and a number of unethical and improper reporting activities that took place at the highest level of management. Sasol also announced the resignation of its Joint Presidents and Chief Executive Officers (“CEOs”), effective November 1, 2019, and Senior Vice Presidents and others previously in charge of the LCCP.
Finally, 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.” 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.”
Following these disclosures, Sasol’s share price fell $1.70 per share, or 7.84%, over the following two trading days, to close at $19.99 per share on January 15, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com to join this action.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.