NEW YORK, Nov. 6, 2015 /PRNewswire/ -- Bernstein Liebhard
LLP announced that less than three weeks remain for investors to
file a motion for lead plaintiff in a class action pending in the
United States District Court for the Southern District of
New York on behalf of purchasers
(the "Class") of securities of LSB Industries, Inc. ("LSB" or the
"Company") (NYSE: LXU) during the period of May 8, 2015 and August 7,
2015, inclusive (the "Class Period"). The action
alleges violations of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 against the Company and certain of its
officers.
On May 8, 2015, LSB estimated the
total cost related to the expansion of its El Dorado Facility to be
in the range of $495 million to $520
million. On July 14, the
Company raised the range to $560 million to
$575 million.
Then, on August 7, 2015, LSB
disclosed that the total cost to complete the El Dorado Facility
expansion would be in the range of $660
million to $680 million, significantly higher than its May
and July 2015 estimates, "due, in
part, to work performed by a previous subcontractor." LSB
further revealed that it intended to implement certain
recommendations after the Strategic Committee of the LSB Board of
Directors reviewed the Company's business strategy, corporate
governance structure, related party transactions and other
governance practices of the Company.
On this news, shares of LSB declined $12.09 per share, over 34%, to close on
August 7, 2015, at $23.01 per share, on heavy volume. On
September 3, 2015, the Company
announced that LSB President and Chief Executive Officer
Barry H. Golsen had resigned –
effective immediately.
On November 6, 2015, the Company
changed its cost estimate for the El Dorado plant yet again.
On that date, LSB announced, among other things, that it now
expects the expansion of its El Dorado plant to cost between
$831 million and $855 million, up
from its last estimates of between $660
million to $680 million. LSB stock fell over 35% in
intra-day trading after this announcement.
The complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose that: (1) the Company's costs related to the
expansion of the El Dorado Facility would be significantly higher
than reported; and that, (2) as a result of the foregoing, the
Company's statements about its business, operations and prospects
were false and misleading and/or lacked a reasonable basis.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased LSB securities during the Class Period.
If you purchased LSB securities as described above, and either lost
money on the transaction or still hold the security, you may wish
to join in this action to serve as lead plaintiff. In order
to do so, you must meet certain requirements set forth in the
applicable law and file appropriate papers no later than
November 24, 2015.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as an LSB
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(212) 779-1414
http://www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Logo -
http://photos.prnewswire.com/prnh/20120202/MM47134LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bernstein-liebhard-llp-announces-that-less-than-three-weeks-remain-to-file-a-motion-for-lead-plaintiff-in-a-class-action-against-lsb-industries-inc-300174282.html
SOURCE Bernstein Liebhard LLP