Compass Minerals International, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Goderich’s new continuous mining and continuous haulage (“CMCH”) mining system resulted in the Company incurring additional operating costs rather than cost savings. Cost overages were blamed on one-off items, such as a mine ceiling collapse incident, to hide operating costs associated with the CMCH upgrade; (2) Goderich’s new CMCH mining system was unable to produce targeted levels of salt during this period. The Company’s salt production consistently fell below internal expectations and was less than one-half of the salt it needed to produce to generate the anticipated cost savings; (3) the purported annual salt production capacity for Goderich of eight million tons was significantly overstated. Although Goderich had been able to produce nearly eight million tons of salt annually using drill-and-blast mining, Goderich was discontinuing that method of producing salt, and the CMCH system was not capable of mining that level of salt during this period; (4) the purported anticipated annual cost savings attributed to the new CMCH mining system were significantly overstated. Even at targeted production levels, Goderich’s CMCH mining system was expected to generate significantly less than the $30 million in annual cost savings the Company had represented to investors; (5) the purported realized cost savings attributed to the new CMCH mining system were significantly overstated. Cost savings generated by other unrelated projects at Goderich were attributed to the CMCH upgrade; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
