HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Urges Investors in Sasol Limited (SSL) Who Have Suffered Losses to Contact its Attorneys: Firm Investigating Possible Securities Fraud
SAN FRANCISCO, Jan. 27, 2020 /PRNewswire/ -- Hagens Berman urges investors in Sasol Limited ADRs (NYSE: SSL) who have suffered significant losses to submit their losses now. The firm is actively investigating whether the Company and senior executives violated federal securities laws, and certain investors may have valuable claims.
Relevant Holding Period: Before Jan. 13, 2020 | |
Sign Up: www.hbsslaw.com/investor-fraud/SSL | |
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844-916-0895 | |
Sasol Limited (SSL) Investigation:
The investigation centers on whether Sasol misled investors regarding the development of its $13 billion chemicals plant in Lake Charles, Louisiana.
Previously, the Company touted the smooth development and execution of the Lake Charles project.
But on May 22, 2019, Sasol shocked investors when it raised the project's cost estimate by $1 billion and disclosed an internal review into the project's costs and construction schedule. The Company admitted to weaknesses in the project's integrated controls, as well as significant additional concerns related to the project's forecasting process.
Then, on Oct. 27, 2019, Sasol terminated its co-CEOs following an internal probe showing that the Lake Charles project management team acted inappropriately, lacked experience and was overly focused on maintaining cost and schedule estimates instead of providing accurate information. On a call with reporters, Sasol's Chairman stated, "There was a culture of fear that was prevailing" at the project fostered by previous management, which prevented people from coming forward.
Finally, on Jan. 13, 2020, Sasol disclosed an explosion and fire at its Lake Charles project's low-density polyethylene unit, requiring the Company to shut down the unit.
Each of these disclosures caused the price of Sasol ADRs to decline sharply.
"We're focused on investors' losses and whether Sasol misled investors about the Lake Charles project's cost, timing and internal controls," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased Sasol ADRs and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sasol should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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