HORSEHEAD HOLDING CORP. DEADLINE ALERT: Hagens Berman Reminds Horsehead Holding Corporation (NASDAQ: ZINC) Investors of June ...
13 Junio 2016 - 2:30AM
The following statement is being issued by Hagens Berman Sobol
Shapiro LLP:
To: All persons or entities who purchased or
otherwise acquired securities of Horsehead Holding
Corporation (NASDAQ:ZINC) (“Horsehead” or the “Company”)
between May 21, 2014 and February 2, 2016.
You have until June 21, 2016 to request that
the Court appoint you as lead plaintiff. Your ability to
share in any recovery doesn’t require that you serve as a lead
plaintiff.
If you suffered $100,000 or more in losses in
Horsehead, contact Hagens Berman Sobol Shapiro LLP
partner Reed Kathrein, who is leading the firm’s investigation
by calling 510-725-3000, emailing
ZINC@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/ZINC.
On February 2, 2016, Horsehead announced that it filed
bankruptcy petitions for reorganization under Chapter 11 of the
U.S. Bankruptcy Code. It disclosed in its restructuring plan
that its Mooresboro zinc production facility would cost $81.9
million to get it back on track. The price of Horsehead shares fell
56% to close at $0.11 per share that day.
The next day, the Company announced that NASDAQ delisted the
Company’s securities as of February 11, 2016. The Company’s
share price fell over 54% to close at $0.06 per share on February
3, 2016.
Preceding the bankruptcy, Defendants represented that its
Mooresboro zinc production facility was doing “better than internal
projections” and that Horsehead was sufficiently liquid to sustain
itself until Mooresboro was fully ramped up.
In January 2015, Horsehead issued an additional 5.75 million
shares at $12.75 per share amidst positive statements about
Mooresboro like, “We have not identified any insurmountable
technical or operational obstacles that materially challenge the
value proposition of our new zinc facility.”
But by January 2016, Defendants announced Horsehead would idle
Mooresboro and terminate most of its employees.
“We’re focused on Horsehead’s January 23, 2015 secondary
offering of shares to the public, and investors having no idea that
Defendants essentially bet the Company on the seriously defective
Mooresboro facility,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public
information regarding Horsehead should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email ZINC@hbsslaw.com.
About Hagens Berman Hagens Berman is a national investor-rights
law firm headquartered in Seattle, Washington with offices in 10
cities. The Firm represents investors, whistleblowers, workers and
consumers in complex litigation. More about the Firm and its
successes can be found at www.hbsslaw.com. Read the Firm’s
Securities Newsletter, and visit the blog. For the latest news
visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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