Boston, Massachusetts--(Newsfile Corp. - November 14, 2022) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Compass Minerals International, Inc. ("Compass Minerals" or the "Company") (NYSE: CMP). On October 21, 2022, a securities class action lawsuit was filed in U.S. District Court in the District of Kansas on behalf of "all purchasers of Compass Minerals common stock between October 31, 2017 and November 18, 2018, inclusive (the 'Class Period')."
How to Seek Appointment as Lead Plaintiff
If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than December 20, 2022. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.
If you sustained losses from your transactions in Compass Minerals common stock during the Class Period and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.
A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
No Responsibility for Attorney's Fees or Expenses
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.
About the Lawsuit
The class action complaint alleges that during the Class Period the Compass Minerals made false and misleading statements about the Company's "Goderich mine, including the purported cost savings and expected production outputs associated with the [continuous mining and continuous haulage ("CMCH")] equipment upgrades."
The complaint alleges that the "true facts, which were then known to or recklessly disregarded by defendants, included: (a) Goderich's new CMCH mining system resulted in the Company incurring additional operating costs rather than cost savings. Cost overages were blamed on one-off items, such as a mine ceiling collapse incident, to hide operating costs associated with the CMCH upgrade; (b) Goderich's new CMCH mining system was unable to produce targeted levels of salt during this period. The Company's salt production consistently fell below internal expectations and was less than one-half of the salt it needed to produce to generate the anticipated cost savings; (c) the purported annual salt production capacity for Goderich of eight million tons was significantly overstated. Although Goderich had been able to produce nearly eight million tons of salt annually using drill-and-blast mining, Goderich was discontinuing that method of producing salt, and the CMCH system was not capable of mining that level of salt during this period; (d) the purported anticipated annual cost savings attributed to the new CMCH mining system were significantly overstated. Even at targeted production levels, Goderich's CMCH mining system was expected to generate significantly less than the $30 million in annual cost savings the Company had represented to investors; (e) the purported realized cost savings attributed to the new CMCH mining system were significantly overstated. Cost savings generated by other unrelated projects at Goderich were attributed to the CMCH upgrade; and (f) as a result of (a)-(e) above, defendants' statements about Compass Minerals's Salt segment business condition and prospects were materially false and misleading when made."
About Berman Tabacco
Berman Tabacco is one of the country's highly ranked class action law firms representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who's Who Legal, and Super Lawyers.
The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Past results do not guarantee future outcomes.
Contact:
Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144157
