NEW YORK, NY / ACCESSWIRE / March 17, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Sibanye Stillwater Limited ("Sibanye" or the "Company") (NYSE:SBSW). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Sibanye and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 21, 2024, Sibanye issued a press release providing a "production update and trading statement" for 2023. Among other items, Sibanye disclosed that its 2023 profit fell as much as 91%, citing a sharp decline in platinum group metal ("PGM") prices. Sibanye also said that it recognized impairments totaling 47.45 billion rand (approximately $2.5 billion), citing again the impact of weakening metal prices as well as operational challenges at its U.S. PGM and South African gold operations, and also at the Sandouville nickel refinery in France.
On this news, Sibanye's American Depositary Receipt ("ADR") price fell $0.32 per ADR, or 6.96%, to close at $4.38 per ADR on February 21, 2024.
Then, on March 5, 2024, Sibanye reported its financial and operating results for 2023. Among other items, Sibanye reported a full-year net loss of $2.03 billion, booking an impairment charge of $2.58 billion primarily related to the Company's Montana palladium project, which the Company attributed primarily to the impact of weakening metal prices.
On this news, Sibanye's ADR price fell $0.38 per share, or 8.72%, to close at $3.93 per share on March 5, 2024.
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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