NEW YORK, NY / ACCESSWIRE / November 2, 2023 / Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein"), a preeminent national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of GrafTech International Ltd. (GrafTech or the "Company") (NYSE:EAF) for violations of federal securities laws.
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the potential action on our website, www.whafh.com.
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Wolf Haldenstein is investigating whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
GrafTech is a leading manufacturer of high-quality graphite electrode products essential to the product of electric air furnace ("EAF") steel and other ferrous and non-ferrous metals. The Company purports to have the most competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities in the industry including three of the highest capacity facilities in the world.
On September 19, 2022, GrafTech announced that Mexican authorities suspended operations at its facilities in Monterrey, Mexico, and determined that its operating license within the country was no longer in effect. The suspension related "procedural errors related to certain operating licenses and permits." On this news, shares declined about 8.5% at close on September 19, 2022.
On November 4, 2022, GrafTech held an earnings conference call during which management addressed the Monterrey closing. Specifically, management stated that "unless Monterrey reopens, our business performance will be significantly impacted for the first two quarters of 2023 with a reduction in sales volume of 50% or more before recovering the in the back half of the year."
Two weeks later, on November 18, 2022, GrafTech announced the conditional lifting of the temporary suspension notice related to the Company's operations. The announcement explained that the Company "will provide an update on estimated impact of the suspension on its 2023 outlook when it reports its fourth quarter 2022 results."
On February 3, 2023, the Company issued its first quarter results and hosted an earnings call. Therein, management clarified that "we estimate our sales volume for the first six months of this year will be approximately half of the level we reported in 2022." On this news, Company shares declined $1.01 from the prior's day close to a closing price of $5.58 on February 3, 2023. The stock would continue downward for the next several days, closing at $5.27 per share on February 9, 2023.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
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