NEW YORK, NY / ACCESSWIRE / October 20, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of GrafTech International Ltd. ("GrafTech" or "the Company") (NYSE:EAF). Investors who purchased GrafTech securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/eaf.
The investigation concerns whether GrafTech has violated federal securities laws.
Investigation Details:
On September 16, 2022, GrafTech disclosed in a filing with the U.S. Securities and Exchange Commission that regulatory inspectors in Mexico 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. Then, on February 3, 2023, GrafTech reported earnings per share of $0.17, missing consensus estimates of $0.22. GrafTech stated that is performance "was impacted by higher costs, softer industry demand, and the impact of the temporary suspension of our operations in Mexico[.]" On this news, GrafTech's stock price fell $1.01 per share, or 15.33%, to close at $5.58 per share on February 3, 2023. Thereafter, on April 28, 2023, GrafTech announced that first quarter 2023 sales declined 62% compared to the first quarter of 2022 due to the suspension of operations at GrafTech's Monterrey facilities, causing GrafTech to report a net loss of more than $7 million, down significantly from reported net income of approximately $124 million in the prior year quarter. On this news, GrafTech's stock price fell $0.45 per share, or 9.55%, to close at $4.26 per share on May 1, 2023.
What's Next?
If you are aware of any facts relating to this investigation or purchased GrafTech securities, you can assist this investigation by visiting the firm's site: bgandg.com/eaf . You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
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Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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