Shareholder rights law firm Robbins LLP announces that it is investigating Sasol Limited (NYSE: SSL) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. Sasol operates as an integrated chemical and energy company in South Africa.
If you suffered a loss as a result of Sasol's misconduct, click here.
Did Sasol Limited (SSL) Mislead Shareholders?
In October 2014, Sasol announced the construction of an $8.1 billion ethane cracker and derivatives complex named the Lake Charles Chemicals Project ("LCCP"). On May 22, 2019, Sasol increased the LCCP's cost estimate to a range of $12.6 to $12.9 billion, citing corrections on several aspects of the project. However in October 2019, Sasol disclosed that a review of the LCCP brought to light "errors, omissions, and inaccuracies in the [LCCP] cost estimate" as well as a number of unethical and improper reporting activities at the highest level of management. Consequently, Sasol announced the resignation of its Joint Presidents, Chief Executive Officers, and others previously in charge of the LCCP. Finally, on January 14, 2020, Sasol announced the Company "experienced an explosion and fire at its LCCP low-density polyethylene unit." On this news, Sasol's shares fell almost 8% to close at $19.99 per share on January 15, 2020. The stock has since continued to decline.
Sasol Limited (SSL) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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