NEW YORK, NY / ACCESSWIRE / November 15, 2023 / 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 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.
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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SOURCE: Pomerantz LLP
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