EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Horsehead Holding Corp.
26 April 2016 - 7:22AM
Business Wire
Rosen Law Firm, a global investor rights law firm, announces the
filing of a class action lawsuit on behalf of purchasers of
Horsehead Holding Corp. securities (NASDAQ:ZINC) from May 21, 2014
through February 2, 2016, both dates inclusive (the “Class
Period”). The lawsuit seeks to recover damages for Horsehead
investors under the federal securities laws.
To join the Horsehead class action, go to the firm’s website at
http://rosenlegal.com/cases-886.html or call Phillip Kim, Esq. or
Kevin Chan, Esq. toll free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for more information on
the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period defendants
issued false and misleading statements to investors and/or failed
to disclose that: (1) the Mooresboro Facility was unable to operate
as planned due construction defects; (2) these operational problems
at the facility were significant, pervasive and the result of
fundamental engineering and operational defects; (3) Horsehead had
not and did not know how to rectify the problems at the Mooresboro
Facility and as a result, production disruptions and tens of
millions of dollars in costs related to these problems were likely
and anticipated; (4) Horsehead was employing expensive, temporary
workarounds at the Mooresboro Facility in order to achieve limited
production capacity and as a result, the facility was not providing
significant cost savings, but was causing Horsehead to spend cash
at an unsustainable rate; (5) the Mooresboro Facility did not have
an annual zinc production capacity of 155,000 tons and could not
even sustainably achieve 50% of that capacity; (6) operational
issues at the Mooresboro Facility were deteriorating as Horsehead
used stop-gap measures to boost production in the short term that
were unsustainable, untested, highly risky and causing decreased
operational stability; (7) Horsehead did not have sufficient
liquidity, cash on hand and anticipated cash flows for general
corporate purposes to sustain it through the full ramp-up of the
Mooresboro Facility; and (8) as a result, Horsehead’s public
statements were materially false and misleading at all relevant
times. When the true details entered the market, the lawsuit claims
that investors suffered damages.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than June
21, 2016. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. If you
wish to join the litigation, go to the firm’s website at
http://rosenlegal.com/cases-886.html for more information. You may
also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law
Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com
or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20160425006556/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: 212-686-1060Toll Free: 866-767-3653Fax:
212-202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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