NEW YORK, Sept. 28, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Compass Minerals International, Inc. (“Compass” or the “Company”) CMP. Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.
The investigation concerns whether Compass and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On September 23, 2022, the U.S. Securities and Exchange Commission (“SEC”) announced that Compass was ordered to pay $12 million to pay “for misleading investors about a technology upgrade of which the company claimed it was cutting costs at its flagship mine. but in fact had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company’s excessive release of mercury in Brazil.” According to the SEC, “Compass insured investors in the year 2017 reiterated that a technology upgrade at its Goderich Mine — the world’s largest underground salt mine, located near Ontario, Canada and hailed by the company as its crown jewel — is on track as of 2018 to significantly reduce costs and increase operating results,” but these statements by Compass “were misleading because they failed to tell investors that costs at the mine were increasing rather than decreasing, significantly undermining projected savings.” Additionally, the SEC found that “Compass misled investors by exaggerating the amount of salt it could produce at Goderich.” As a result of this news, Compass’s share price fell sharply, hurting investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of Class Action…
Read full story here https://www.benzinga.com/pressreleases/22/09/g29061658/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-compass-mineral