This lawsuit is for anyone who acquired securities in Sasol Limited (NYSE: SSL) from March 10, 2015 through January 13, 2020.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that it had controls in place to prevent improper accounting but then grossly underestimated the cost to build the Company's ethane cracker and derivatives complex in Lake Charles, Louisiana, dubbed the Lake Charles Chemicals Project. When it became clear to the Company that it had grossly underestimated costs, the Company continually lied to investors regarding the cost of the project as the costs continued to mount. The Company also misled investors to believe that it had done due diligence on how to safely build the complex, when, in fact, the Company had not done due diligence.
On October 28, 2019, Sasol disclosed that it made, “errors, omissions, and inaccuracies in the [LCCP] cost estimate” and that the highest level of management had engaged in a number of unethical and improper reporting activities. Sasol also announced the resignation of many of its senior executives. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on January 14, 2020, Sasol confirmed “an explosion and fire at its LCCP low-density polyethylene (LDPE) unit.” Sasol stated that “[t]he unit was in the final stages of commissioning and startup when the incident occurred.” On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Sasol Limited (NYSE: SSL) from March 10, 2015 through January 13, 2020 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.