NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is reminding shareholders that a class action lawsuit was filed against Compass Minerals International, Inc. ("Compass" or "the Company") (NYSE: CMP) on behalf of purchasers of Compass common stock between October 31, 2017 and November 18, 2018, inclusive (the “Class Period”) for violations of the federal securities laws. Compass mines and produces essential minerals, including salt for winter roadway safety and other consumer, industrial, and agricultural uses, and specialty plant nutrition minerals that improve the quality and yield of crops.
If you purchased or otherwise acquired Compass securities during the Class Period and would like to discuss this case and our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1-800-290-1952.
If you are a member of the proposed Class, you may move the court no later than December 20, 2022 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
According to the complaint, during the Class Period, defendants repeatedly assured investors that the continuous mining and continuous haulage (“CMCH”) upgrade at the Goderich mine was on track to materially reduce costs and boost the Company’s operating results starting in 2018. However, the complaint alleges these statements were misleading because they failed to tell investors that costs at Goderich mine were increasing rather than decreasing. Further, the complaint alleges defendants also misrepresented the amount of salt the Company was able to produce at Goderich using the new CMCH equipment.
The complaint further alleges that the falsity of defendants’ Class Period statements was not known until September 23, 2022, when the Securities and Exchange Commission (SEC) issued a cease and desist order that revealed defendants’ Class Period misconduct. On September 23, 2022, the SEC announced that Compass was ordered to pay $12 million to settle charges “for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs. . . .” According to the SEC, “Compass repeatedly assured investors in 2017 that a technology upgrade at its Goderich mine – the world’s largest underground salt mine which is located near Ontario, Canada and hailed by the company as its crown jewel – was on track to materially reduce costs and boost its operating results starting in 2018,” but these statements by Compass “were misleading because they failed to tell investors that costs at the mine were increasing rather than decreasing, which substantially undermined the projected savings.” Further, the SEC found that “Compass misled investors by overstating the amount of salt it was able to product at Goderich.”
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
