GRAFTECH INTERNATIONAL LTD. NEW YORK, Jan. 30, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of GrafTech International Ltd. ("GrafTech" or the "Company") (NYSE: EAF). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether GrafTech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 16, 2022, GrafTech disclosed in a filing with the U.S. Securities and Exchange Commission that regulatory inspectors in Mexico had issued a temporary suspension notice to the Company's graphite electrode manufacturing facility in Monterrey.
On this news, GrafTech's stock price fell $0.45 per share, or 8.49%, to close at $4.85 per share on September 19, 2022.
On November 18, 2022, GrafTech announced that the Monterrey facility was conditionally permitted to resume operations subject to the Company's completion of certain remediation efforts.
Then, on August 4, 2023, GrafTech issued a press release disclosing the Company's financial and operational results for the quarter ended June 30, 2023 ("2Q23 Release"). The 2Q23 Release reported that sales declined 49% compared to the second quarter of 2022 as the Company continued to "recover" from the effects of the Monterrey facility shutdown in 2022. As a result of the substantial decline in net sales, the 2Q23 Release reported a net loss of $8 million compared to $115 million in net income the Company reported in the second quarter of 2022.
On the accompanying earnings call, the Company's Chief Executive Officer described the Monterrey suspension as the "key driver" of the underperformance and revealed that GrafTech's ability to secure customer contracts would continue to be indirectly impacted in the second half of fiscal 2023.
On this news, Graftech's stock price fell $1.18 per share, or 22.56%, to close at $4.05 per share on August 4, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
