Hagens Berman Alerts Horsehead Holding Corporation (NASDAQ: ZINC) Investors to Newly Filed Class Action and June 21, 2016 Lea...
April 28 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, alerts Horsehead Holding Corporation (NASDAQ:ZINC) investors
to the newly filed securities class action lawsuit and the June 21,
2016 lead plaintiff deadline.
If you suffered significant losses because of your purchases of
Horsehead between May 21, 2014 and February 2, 2016 or have
information that will help our investigation contact Hagens Berman
Partner Reed Kathrein, who is leading the firm’s investigation by
calling 510-725-3000, emailing ZINC@hbsslaw.com or
visiting https://www.hbsslaw.com/cases/ZINC. The lawsuit was
filed in the U.S. District Court for the District of Delaware and
investors have until June 21, 2016 to move the court to participate
as a lead plaintiff.
The litigation concerns Defendants’ statements about its new
Mooresboro zinc production facility and Horsehead’s liquidity to
sustain itself until Mooresboro was fully ramped up.
On July 8, 2014, Horsehead announced its Mooresboro zinc
production was “better than internal projections”. Subsequently,
CEO James M. Hensler, and CFO Robert D. Scherich made statements to
analysts and investors that apparently were undercut by
then-existing known facts about Mooresboro’s design and operational
problems and Horsehead’s inadequate liquidity.
In January 2015, Horsehead issued an additional 5.75 million
shares at $12.75 per share amidst positive statements about
Mooresboro like, “We have not identified any insurmountable
technical or operational obstacles that materially challenge the
value proposition of our new zinc facility.”
In January 2016 Horsehead announced that it would be idling the
Mooresboro facility and laying off most of its employees. Then on
February 2, 2016, the Company filed bankruptcy and a restructuring
plan disclosing that it would cost $81.9 million over two years to
get the Mooresboro facility back on track.
“We’re focused on Horsehead’s January 23, 2015 secondary
offering of shares to the public, and investors having no idea that
Defendants essentially bet the Company on the seriously defective
Mooresboro facility,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public
information regarding Horsehead should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email ZINC@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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