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Investigations  /  03.08.2019

Venator Materials PLC

Venator Materials PLC (VNTR) Accused of Downplaying Impact of Devastating Fire at Its Facility

According to the complaint against the company for alleged violations of the Securities Act of 1933 pursuant to the company’s August 4, 2017 initial public offering (“IPO”) and/or its December 1, 2017 secondary offering (“SPO”), in January 2017, a fire ravaged one of Venator Materials PLC (VNTR) most important plants for manufacturing titanium dioxide in Pori, Finland. Unbeknownst to investors, Venator’s registration statements filed in connection with its August 2017 IPO and its December 2017 SPO failed to disclose the true extent of the fire damage to the company’s facility and the cost to rehabilitate it. The Pori facility was virtually beyond repair, and any attempt to restore it would cost over $1 billion—hundreds of millions of dollars beyond the limits of the company’s insurance policy applicable to the disaster. Further, Venator had lost 80% of production capacity and 15% of the company’s total nameplate capacity as a result of the fire. By December 17, 2018, Venator’s share price had plummeted to only $3.65 per share – 81% below Venator’s share price in the IPO and 83% below its SPO price.

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