SAN FRANCISCO, CA / ACCESSWIRE / September 22, 2022 / Hagens Berman urges GrafTech International Ltd. (NYSE:EAF) investors who suffered significant losses to submit your losses now.
GrafTech International Ltd. (NYSE:EAF) Investigation:
GrafTech is one of the world's largest suppliers of graphite electrodes used in electric-arc steelmaking, a fast-growing part of the steel industry because of its relatively low costs and more environmentally friendly setup.
The investigation focuses on GrafTech's past assurances that its graphite electrode facilities (including GrafTech, Mexico's Monterrey, Mexico facility which is reportedly responsible for about 25% of GrafTech's total production) provide unique competitive advantages and that it can continue to open up incremental capacity in Monterrey. The company has also assured investors that it minimizes its environmental footprint and that it focuses on Environmental, Social, and Governance ('ESG') initiatives.
GrafTech's assurances may have come under question on Sept. 16, 2022, when it disclosed that on Sept. 15, 2022 Mexican regulators visited the Monterrey facility to review the facility's environmental and operating permits, instructed the facility to wind down operations within 7 days, and determined that GrafTech Mexico's operating license was no longer in effect.
This news sent the price of GrafTech shares down more than 8% lower on Sept. 19, 2022, wiping out over $100 million of shareholder value.
'We're focused on investors' losses and whether GrafTech misrepresented its ability to produce more product in Monterrey and its ESG policies and procedures,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in GrafTech and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding GrafTech 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 EAF@hbsslaw.com.
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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