The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased FutureFuel securities during the Class Period, you may move the Court no later than August 23, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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