SAN DIEGO, May 13, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Compass Minerals International, Inc. (NYSE: CMP) securities between November 29, 2023 and March 22, 2024. Compass Minerals provides essential minerals in the United States, Canada, the United Kingdom, and internationally.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating the Allegations that Compass Minerals International, Inc. (CMP) Overstated its Business Prospects
The complaint alleges that Compass Minerals began a series of equity investments in Fortress North America, LLC, which it has described as “a next-generation fire retardant business dedicated to developing and producing a portfolio of magnesium chloride-based fire retardant products to help combat wildfires.” On May 5, 2023, Compass Minerals fully took over Fortress. In 2023, Fortress only sold its fire retardant products to the United States Forest Service.
According to the complaint, during the class period, defendants failed to disclose that (1) Compass Minerals overstated the likelihood that it would be awarded a renewed U.S. Forest Service contract for the use of its proprietary magnesium chloride-based aerial fire retardants for the 2024 fire season due to safety issues presented by its fire retardant, and (2) Compass Minerals materially overstated the extent to which testing had confirmed that its fire retardants were safe.
Plaintiff alleges that on March 25, 2024, the Company issued a press release announcing that the U.S. Forest Service would not be entering into a contract for the use of magnesium chloride-based aerial fire retardants for the 2024 fire season. On this news, the price of Compass Minerals stock fell $3.00 per share, or 17.09%, to close at $14.55 on March 25, 2024. The next day, Compass Minerals stock fell a further $0.86 per share, or 5.91%, to close at $13.69.
What Now: You may be eligible to participate in the class action against Compass Minerals International, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 24, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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Contact:
Aaron Dumas, Jr.
Robbins LLP
5060 Shoreham Pl., Ste. 300
San Diego, CA 92122
adumas@robbinsllp.com
(800) 350-6003
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