PHILADELPHIA, June 20, 2024 (GLOBE NEWSWIRE) -- Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Compass Minerals International, Inc. (“Compass Minerals” or the “Company”) (NYSE: CMP) on behalf of purchasers of Compass Minerals securities between November 29, 2023 and March 22, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Compass Minerals securities during the Class Period may, no later than June 24, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or CLICK HERE.
Headquartered in Overland Park, Kansas, Compass Minerals describes itself as “a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities.”
Compass Minerals began a series of equity investments in Fortress North America, LLC (“Fortress”), which it has described as “a next-generation fire retardant business dedicated to developing and producing a portfolio of magnesium chloride-based fire retardant products to help combat wildfires.” On May 5, 2023, Compass Minerals fully took over Fortress. In 2023, Fortress only sold its fire retardant products to the United States Forest Service (the “USFS”).
On March 25, 2024, before the market opened, the Company issued a press release entitled “Compass Minerals Announces the Company Will Not Secure a USFS Contract to Supply Magnesium Chloride-Based Aerial Fire Retardants for the 2024 Fire Season.”
Following this news, the price of Compass Minerals stock fell $3.00 per share, or 17.09%, to close at $14.55 on March 25, 2024. The next day, Compass Minerals stock fell an additional $0.86 per share, or 5.91%, to close at $13.69.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Compass Minerals overstated the likelihood that it would be awarded a renewed USFS contract for the use of its proprietary magnesium chloride-based aerial fire retardants for the 2024 fire season, as a result of safety issues presented by its fire retardant; and (2) Compass Minerals materially overstated the extent to which testing had confirmed that its fire retardants were safe.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
