JUNE 21, 2016 DEADLINE ALERT: Brower Piven Encourages Shareholders Who Have Losses In Excess Of $100,000 From Investment In H...
14 Junio 2016 - 12:19PM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the District of
Delaware on behalf of purchasers of Horsehead Holding Corp.
(Nasdaq:ZINC) (“Horsehead” or the “Company”) securities during the
period between May 21, 2014 and February 2, 2016, inclusive (the
“Class Period”). Investors with losses in excess of $100,000
who wish to become proactively involved in the litigation have
until June 21, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you
and the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company’s securities during the
Class Period. Members of the Class will be represented by the
lead plaintiff and counsel chosen by the lead plaintiff. No
class has yet been certified in the above action.
The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
defendants’ failure to disclose during the Class Period that
challenging construction defects and operational problems resulting
from fundamental engineering and operational defects at a facility
located in Mooresboro, North Carolina (the “Mooresboro Facility”)
had left the facility unable to operate as planned such that
production disruptions prevented production capacity to reach 50%,
and tens of millions of dollars in costs related to these problems
were anticipated, and that the Company did not have sufficient
liquidity to sustain it through the full ramp-up of the Mooresboro
Facility.
According to the complaint, following a December
10, 2015 ratings downgrade of the Company's corporate debt by
Moody’s, the January 2016 failure by the Company to make an
interest payment to certain holders of the Company’s convertible
senior notes and default on multiple credit agreements, the January
22, 2016 Horsehead announcement that it was idling the Mooresboro
Facility and laying off most employees at the site, and the
February 2, 2016 announcement that the Company had filed for
bankruptcy, the value of Horsehead shares declined
significantly.
If you have suffered a loss from investment in
Horsehead securities purchased on or after May 21, 2014, and held
through the revelation of negative information during and/or at the
end of the Class Period and would like to learn more about this
lawsuit and your ability to participate as a lead plaintiff,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with
information regarding the Company’s conduct during the period in
question to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorneys at Brower Piven have extensive
experience in litigating securities and other class action cases
and have been advocating for the rights of shareholders since the
1980s. If you choose to retain counsel, you may retain Brower
Piven without financial obligation or cost to you, or you may
retain other counsel of your choice. You need take no action
at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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