NEW YORK, June 18, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of Horsehead Holding Corp. securities (NASDAQ:ZINC) from May 21, 2014 through February 2, 2016, both dates inclusive (the “Class Period”) of the important June 21, 2016 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Horsehead investors under the federal securities laws.
To join the Horsehead class action, go to the firm’s website at http://rosenlegal.com/cases-886.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for more information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) the Mooresboro Facility was unable to operate as planned due construction defects; (2) these operational problems at the facility were significant, pervasive and the result of fundamental engineering and operational defects; (3) Horsehead had not and did not know how to rectify the problems at the Mooresboro Facility and as a result, production disruptions and tens of millions of dollars in costs related to these problems were likely and anticipated; (4) Horsehead was employing expensive, temporary workarounds at the Mooresboro Facility in order to achieve limited production capacity and as a result, the facility was not providing significant cost savings, but was causing Horsehead to spend cash at an unsustainable rate; (5) the Mooresboro Facility did not have an annual zinc production capacity of 155,000 tons and could not even sustainably achieve 50% of that capacity; (6) operational issues at the Mooresboro Facility were deteriorating as Horsehead used stop-gap measures to boost production in the short term that were unsustainable, untested, highly risky and causing decreased operational stability; (7) Horsehead did not have sufficient liquidity, cash on hand and anticipated cash flows for general corporate purposes to sustain it through the full ramp-up of the Mooresboro Facility; and (8) as a result, Horsehead’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 21, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://rosenlegal.com/cases-886.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.