Rentech shareholder files lawsuit over alleged misinformation
March 3, 2017 - An investor, who purchased shares of Rentech, Inc., filed a lawsuit in California over alleged violations of Federal Securities Laws by Rentech, Inc. in connection with between November 9, 2016 and February 20, 2017.
Los Angeles, CA based Rentech, Inc. is a provider of wood fiber processing services, wood chips and wood pellets. Rentech, Inc. reported that its annual Total Revenue rose from US$269.18 million in 2014 to $295.84 million while its Net Loss increased from $32.01 million in 2014 to $114.61 million in 2015.
On February 21, 2017, Rentech, Inc. announced that it would idle its Wawa facility due to equipment and operational issues that would require additional unbudgeted capital investments. Rentech, Inc. also cited "continued uncertainty" concerning the profitability of pellets produced at the facility and advised investors that it was exploring strategic alternatives for both the Wawa facility and Rentech as a whole.
The plaintiff alleges on behalf of purchasers of Rentech, Inc. common shares between November 9, 2016 and February 20, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 9, 2016 and February 20, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Rentech's resources were not sufficient to overcome any operating challenges and remaining bottleneck at the Wawa facility, that consequently, the Wawa facility would not reach approximately 60 per cent 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, and that 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.
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