BENSALEM, Pa., Nov. 16, 2022 /PRNewswire/ -- Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Compass Minerals International, Inc. ("Compass" or the "Company") (NYSE: CMP).
Class Period: October 31, 2017 – November 18, 2018
Lead Plaintiff Deadline:December 20, 2022
Investors suffering losses on their Compass investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Goderich's new continuous mining and continuous haulage ("CMCH") mining system resulted in the Company incurring additional operating costs rather than cost savings. Cost overages were blamed on one-off items, such as a mine ceiling collapse incident, to hide operating costs associated with the CMCH upgrade; (2) Goderich's new CMCH mining system was unable to produce targeted levels of salt during this period. The Company's salt production consistently fell below internal expectations and was less than one-half of the salt it needed to produce to generate the anticipated cost savings; (3) the purported annual salt production capacity for Goderich of eight million tons was significantly overstated. Although Goderich had been able to produce nearly eight million tons of salt annually using drill-and-blast mining, Goderich was discontinuing that method of producing salt, and the CMCH system was not capable of mining that level of salt during this period; (4) the purported anticipated annual cost savings attributed to the new CMCH mining system were significantly overstated. Even at targeted production levels, Goderich's CMCH mining system was expected to generate significantly less than the $30 million in annual cost savings the Company had represented to investors; (5) the purported realized cost savings attributed to the new CMCH mining system were significantly overstated. Cost savings generated by other unrelated projects at Goderich were attributed to the CMCH upgrade; and (6) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
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SOURCE Law Offices of Howard G. Smith
