Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Eastern District of New York on behalf of shareholders of Rentech, Inc. (NASDAQ: RTK) who purchased shares between November 9, 2016 and February 20, 2017.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Rentech’s resources were not sufficient to overcome any operating challenges and remaining bottleneck at its Wawa facility; (2) consequently, the Wawa facility would not reach approximately 60% of production capacity within the next couple quarters and achieve full capacity in the range of 400,000 to 450,000 metric tons late in the year; (3) as a result, defendants’ statements about Rentech’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.
On February 21, 2017, Rentech announced its decision to idle the Wawa facility due to equipment and operational issues that would require additional capital investment. On this news, shares of Rentech fell over 47% from its previous closing price to close at $1.44 per share on February 21, 2017.
If you suffered a loss in Rentech you have until April 24, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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