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”) (NYSE: 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 misleading investors about a technology upgrade the company claimed it would reduce 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 Compass statements “were misleading because they failed to tell investors that costs at the mine were increasing rather than decreasing, significantly undermining projected savings.” In addition, the SEC noted that ” Compass misled investors by overstating the amount of salt it produces at Goderich and could”. As a result of this news, Compass’s share price fell sharply, hurting investors.
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