Glancy Prongay & Murray Commences Investigation on Behalf of Horsehead Holding Corp. Investors
May 12 2016 - 11:23AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces an
investigation on behalf of investors of Horsehead Holdings Corp.
(“Horsehead” or the “Company”) (NASDAQ: ZINC)
(OTC: ZINCQ) concerning the Company and its officers’
possible violations of federal securities laws. GPM is preparing a
lawsuit on behalf of injured investors.
Horsehead, together with its subsidiaries, produces and sells
zinc and nickel-based products primarily in the United States and
Canada.
The investigation concerns whether or not the Company and its
executives violated certain federal securities laws by failing to
reveal the actual operational and efficiency obstacles facing
Horsehead’s Mooresboro Facility (“Mooresboro”).
On December 10, 2015, Moody's downgraded the Company's corporate
debt from B3 to Caa2 primarily due to an adverse perspective on the
conditions of Mooresboro. Shortly thereafter in January 2016, the
Company failed to make a $1.8 million interest payment to certain
holders of the Company's convertible senior notes and consequently
defaulted on multiple credit agreements.
Then on January 22, 2016, Horsehead declared a cease in
operations at Mooresboro and the termination of most employees at
the site. And, on February 2, 2016, Horsehead disclosed that
it had started bankruptcy proceedings under Chapter 11 of the U.S.
Bankruptcy Code. As a result, on February 11, 2016, trading in
Horsehead stock was halted and about two weeks later, its common
stock was delisted from the NASDAQ.
If you purchased Horsehead 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 Lesley Portnoy, Esquire,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160512006066/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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