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January 22, 2021 - A settlement was reached.
October 27, 2020 - A stipulation of settlement was filed by the parties.
August 12, 2020 - The case was dismissed.
July 31, 2020 - A notice appealing the court's dismissal was filed.
July 2, 2020 - The court granted the defendants' motion to dismiss.
November 18, 2019 - A motion to dismiss the consolidated amended complaint was filed.
October 18, 2019 - A correction to the consolidated amended complaint was filed.
October 4, 2019 - A consolidated amended complaint was filed.
May 22, 2019 - An investor in shares of Livent Corporation (NYSE: LTHM) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Livent Corporation in connection with certain allegedly false and misleading statements made in connection with the Company’s October 2018 initial public offering (“IPO” or the “Offering”). Philadelphia, PA based Livent Corporation manufactures and sells performance lithium compounds for energy storage, specialty polymer, and chemical synthesis applications in North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. In October 2018, Livent Corporation completed its initial public offering (“IPO”) in which it sold 23 million shares of its common stock at $17.00 per share.
On February 11, 2019, Livent Corporation released its fourth quarter 2018 financial results that missed top line sales targets, citing difficulties negotiating contracts with existing customers. Livent Corporation reported that its annual Total Revenue rose from $347.4 million in 2017 to $442.5 million in 2018 and that its Net Income increased from $42.2 million in 2017 to $126.1 million in 2018. Then, on May 8, 2019, Livent Corporation announced disappointing financial results for first quarter 2019, citing further customer issues. Shares of Livent Corporation (NYSE: LTHM) declined from $19.85 per share in December 2018 to as low as $7.06 per share on May 20, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Livent Corporation (NYSE: LTHM), that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants failed to disclose to investors that a supply contract with Nemaska Lithium Inc. had been terminated, that, as a result, the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins, that the Company had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of the Company’s existing contracts, that the Company’s margins were squeezed due to the customer’s increased orders, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.