NEW YORK, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Ohio on behalf of those who acquired GrafTech International Ltd. (“GrafTech” or the “Company”) (NYSE: EAF) securities during the period from February 8, 2019 through August 3, 2023, inclusive (the “Class Period”). Investors have until March 25, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
The GrafTech class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
(i) GrafTech's manufacturing operations in Monterrey, Mexico had for decades contaminated neighboring communities with harmful carcinogenic gasses and particulate matter;
(ii) GrafTech had signed agreements with local authorities committing itself to improving the environmental performance of its Monterrey facility, but repeatedly failed to honor these commitments;
(iii) GrafTech had been repeatedly warned over an approximately 30-year period regarding its disregard for the environment and health and well-being of people near its operations in Monterrey, Mexico;
(iv) GrafTech's operations in Monterrey, Mexico were not in compliance with applicable environmental laws and regulations;
(v) GrafTech had failed to adequately remediate the environmental problems caused by the Monterrey facility following the 2019 administrative proceeding conducted by the Department of Sustainable Development of the State of Nuevo Len;
(vi) the government of Apodaca had sought intervention from the State of Nuevo Len authorities to curtail and prevent the adverse environmental impacts and noncompliance with environmental laws and regulations caused by the Monterrey facility;
(vii) GrafTech's purported cost leadership was achieved in substantial part by failing to implement appropriate and effective environmental safeguards at its manufacturing facility in Monterrey, Mexico;
(viii) GrafTech's capital expenditures and/or related operational projects were woefully insufficient to adequately address the harm that GrafTech's operations in Monterrey, Mexico had inflicted on the environment and people within the neighboring communities;
(ix) as a result of the above, GrafTech was acutely exposed to undisclosed material risks that GrafTech's manufacturing operations in Monterrey, Mexico would be severely disrupted by government action or enforcement; and
(x) as a result of the above, GrafTech was acutely exposed to undisclosed material risks that its supplies of pin stock and graphite electrodes would be withdrawn and/or materially diminished, thereby materially harming GrafTech's business, operations, reputation, and financial results.
If you purchased or otherwise acquired GrafTech securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
