Shareholder Alert: Robbins LLP Reminds Investors Sasol Limited (SSL) Sued for Misleading Shareholders
February 28 2020 - 6:40PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Sasol Limited (NYSE: SSL) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between March 10, 2015 and January
13, 2020. Sasol operates as an integrated chemical and energy
company in South Africa.
If you suffered a loss as a result of Sasol's misconduct, click
here.
Sasol Limited (SSL) Accused of Misleading
Shareholders
According to the complaint, in October 2014, Sasol announced the
construction of an $8.1 billion ethane cracker and derivatives
complex named the Lake Charles Chemicals Project ("LCCP"). However,
Sasol failed to conduct sufficient due diligence on the project,
and therefore provided shareholders an inaccurate cost estimate in
its announcement. This became evident on May 22, 2019, when Sasol
increased the LCCP's cost estimate to a range of $12.6 to $12.9
billion, citing corrections on several aspects of the project. Then
in October 2019, Sasol disclosed that a review of the LCCP brought
to light "errors, omissions, and inaccuracies in the [LCCP] cost
estimate" as well as a number of unethical and improper reporting
activities at the highest level of management. Consequently, Sasol
announced the resignation of its Joint Presidents, Chief Executive
Officers, and others previously in charge of the LCCP. Finally, on
January 14, 2020, Sasol announced the Company "experienced an
explosion and fire at its LCCP low-density polyethylene unit." On
this news, Sasol's shares fell almost 8% to close at $19.99 per
share on January 15, 2020. The stock has since continued to
decline.
Sasol Limited (SSL) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200228005603/en/
Leo Kandinov Robbins LLP lkandinov@robbinsllp.com (619) 525-3990
or Toll Free (800) 350-6003 www.robbinsllp.com
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