Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased FutureFuel Corp. (“FutureFuel” or the “Company”) (NYSE: FF) securities between August 10, 2023 and May 10, 2024, inclusive (the “Class Period”). FutureFuel investors have until August 23, 2024 to file a lead plaintiff motion.
Investors suffering losses on their FutureFuel investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On May 10, 2024, FutureFuel disclosed that it had “identified a correction required to be made to its historical consolidated statements of cash flows for the six months ended June 30, 2023, nine months ended September 30, 2023 and year ended December 31, 2023” and that financial statements from the affected periods should no longer be relied upon. Further, the Company also concluded that a material weakness existed in the Company’s internal control over financial reporting.
On this news, FutureFuel’s stock price fell $0.47, or 8.6%, to close at $5.03 per share on May 13, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) FutureFuel did not have adequate internal controls; (2) FutureFuel’s financial statements were misstated; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased FutureFuel securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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