SAN DIEGO, March 06, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of all purchasers of GrafTech International Ltd. (NYSE: EAF) common stock between February 8, 2019 and August 3, 2023. GrafTech is a global manufacturer of graphite electrode products that are used in the production of electric arc furnace (“EAF”) steel – a purportedly greener alternative to traditional steelmaking methods.
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What is this Case About: GrafTech International Ltd. (EAF) Allegedly Misled Investors Regarding the Environmental Impact of its Business Operations
According to the complaint, during the class period, defendants failed to disclose –
(a) that GrafTech’s manufacturing operations in Monterrey, Mexico had for decades chronically contaminated neighboring communities with harmful carcinogenic gasses and particulate matter;
(b) that GrafTech had signed agreements with local authorities committing itself to improving the environmental performance of its Monterrey facility, but repeatedly failed to honor these commitments;
(c) that GrafTech had been repeatedly warned over an approximately 30-year period regarding its wanton disregard for the environment and health and well-being of people near its operations in Monterrey, Mexico;
(d) that GrafTech’s operations in Monterrey, Mexico were not in compliance with applicable environmental laws and regulations;
(e) that the Company had failed to adequately remediate the environmental problems caused by the Monterrey facility following the 2019 administrative proceeding conducted by the Department of Sustainable Development of the State of Nuevo León;
(f) that the government of Apodaca had sought intervention from the State of Nuevo León authorities to curtail and prevent the adverse environmental impacts and noncompliance with environmental laws and regulations caused by the Monterrey facility;
(g) that GrafTech’s purported cost leadership was achieved in substantial part by failing to implement appropriate and effective environmental safeguards at its manufacturing facility in Monterrey, Mexico;
(h) that GrafTech’s capital expenditures and/or related operational projects were woefully insufficient to adequately address the harm that the Company’s operations in Monterrey, Mexico had inflicted on the environment and people within the neighboring communities;
(i) that as a result, GrafTech was acutely exposed to undisclosed material risks that the Company’s manufacturing operations in Monterrey, Mexico would be severely disrupted by government action or enforcement; and
(j) that as a result, GrafTech was acutely exposed to undisclosed material risks that its supplies of pin stock and graphite electrodes would be withdrawn and/or materially diminished, thereby materially harming the Company’s business, operations, reputation, and financial results.
What Now: Similarly situated shareholders may be eligible to participate in the class action against GrafTech International Ltd. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by March 25, 2024. A lead plaintiff is a representative party acting 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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