NEW YORK, NY / ACCESSWIRE / March 26, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Compass Minerals International, Inc. ("Compass" or the "Company") (NYSE:CMP). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Compass and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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Before the market opened on March 25, 2024, Compass issued a press release announcing that the United States Forest Service ("USFS") informed the Company that it will not be entering into a contract for the use of magnesium chloride-based aerial fire retardants for the 2024 fire season. The press release explained that "during scheduled winter airtanker inspections as part of the USFS' Integrated Operational Field Evaluation, it was discovered that certain airtankers that had flown Fortress North America's (Fortress') proprietary, magnesium chloride-based aerial fire retardants revealed significant signs of corrosion in areas where build-up of the retardant had occurred" and that "[t]he findings from this more extensive inspection raised aircraft safety concerns, prompting the USFS' decision to inform Compass Minerals on March 22, 2024, that it would be ‘unable to define the scope and associated terms and conditions of a new contract' with the [C]ompany until the National Transportation Safety Board (NTSB) and National Institute of Standards and Technology (NIST) conducted a coordinated, independent assessment of the findings."
On this news, Compass's stock price fell $3.00 per share, or 17.09%, to close at $14.55 per share on March 25, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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