NEW YORK, Nov. 21, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Compass Minerals International, Inc. ("Compass" or the "Company") (NYSE: CMP). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Compass and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 23, 2022, the U.S. Securities and Exchange Commission ("SEC") announced that Compass was ordered to pay $12 million to settle charges "for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company's excessive discharge of mercury in Brazil." Specifically, according to the SEC, "Compass repeatedly assured investors in 2017 that a technology upgrade at its Goderich mine – the world's largest underground salt mine which is located near Ontario, Canada and hailed by the company as its crown jewel – was on track to materially reduce costs and boost its operating results starting in 2018," but these statements by Compass "were misleading because they failed to tell investors that costs at the mine were increasing rather than decreasing, which substantially undermined the projected savings." Further, the SEC found that "Compass misled investors by overstating the amount of salt it was able to product at Goderich." On this news, Compass's stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP