On July 26, 2019, Labaton Keller Sucharow LLP filed in Pennsylvania state court an Amended Class Action Complaint (the Complaint), asserting claims under Sections 11, 12(a)(2), and 15 of the Securities Act against Livent Corporation (Livent). On September 20, 2019, that case was consolidated with a similar case against Livent, Labaton Keller Sucharow was appointed lead counsel in the consolidated action, and Plymouth County Retirement Association and an individual retail investor were appointed as co-lead plaintiffs.
The Complaint alleges that the registration statement and prospectus used to conduct Livent’s IPO were false and misleading in touting Livent’s purported strategy of focusing on and supplying high performance lithium compounds to the fast-growing EV battering market. What was not known to investors, however, that Livent had been forced to satisfy customer contracts with third-party sources, which reduced revenues and squeezed its margins, that one of its largest contracts provided for lower pricing than any other contract and that other long-term contracts were not actually beneficial to the Livent’s revenues, and that electric vehicle manufacturers were not purchasing the forecasted quantity of lithium, which forced Livent to sell excess product at a discount. As a result of the false and misleading statements and omissions made in connection with the IPO, as of the filing of this action, Livent’s common stock traded at $7.61 per share—55.24% less than the $17 per share IPO price.
The case is In re Livent Corporation Securities Litigation, No. 19-0501229, in the Court of Common Pleas of Philadelphia County, Pennsylvania. Labaton Keller Sucharow represents co-lead plaintiff Plymouth County Retirement Association. The defendants are Livent, certain of its officers and directors, its controlling shareholders, and its IPO underwriters.
Submit Claim Form
If you purchased or otherwise acquired the publicly traded common stock of Livent pursuant and/or traceable to the Company’s Offering Materials for its initial public offering commenced on October 11, 2018, of 23,000,000 shares, you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by May 8, 2021.
Settlement Hearing
The Settlement Hearing was held on April 15, 2021, at 10 am EDT before the Court of Common Pleas Philadelphia County, Pennsylvania and the court approved the Settlement and Plan of Allocation and awarded attorneys' fees and expenses.
If you have questions about the Settlement, please contact Labaton Keller Sucharow at settlementquestions@labaton.com or 1-888-219-6877, or contact the Claims Administrator at (800) 874-8379.
