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VNTR.US
id: 327
$19,000,000
Cash Settlement
S.D. Texas
Court
02/08/2017
Class period Start
10/29/2018
Class period End
10/17/2022
Claim deadline

Venator Materials PLC Securities Litigation.

Venator agreed to pay $19 million to settle a securities class action lawsuit accusing the Company of suspected felonies.

The Complaint alleged that in connection with its IPO and its December 2017 secondary stock offering, the Company misrepresented the true extent of the fire damage to Venator's Pori facility, the cost to rehabilitate the facility, and the impact on Venator's business and operations.

The Company also assured investors that the Pori facility would be rebuilt with insurance proceeds within its policy limits. Venator and its executives continued to assure investors that the rebuild of the Pori facility was on track and that the Company would be able to fully recoup the production capacity lost in the fire.

As a result of these misrepresentations, Venator shares traded at artificially inflated prices.

Venator agreed to settle with investors to avoid further litigation.

Case Status
Distribution Started
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Fresno County Employees’ Retirement Association, City of Miami General Employees’ & Sanitation Employees’ Retirement Trust, City of Pontiac General Employees’ Retirement System
Attorneys
Ajamie LLP, Bernstein Litowitz Berger & Grossmann LLP (New York)
Judge
Hon. Edgardo Ramos
Administrator
JND Legal Administration
Court hearing date
09/09/2022
Settlement conditions
purchased or otherwise acquired publicly traded Venator common stock either in or traceable to Venator’s August 3, 2017 initial public offering (“IPO”) or Venator’s December 4, 2017 secondary public offering
Trades matching type
FIFO