SAN DIEGO, Nov. 22, 2023 (GLOBE NEWSWIRE) — Johnson Fistel, is investigating potential securities claims against GrafTech International Ltd. (“GrafTech” or the “Company”) (NYSE: EAF) on behalf of stockholders. The investigation focuses on investors’ losses and whether they may be recovered under federal securities laws.
What is Johnson Fistel investigating? GrafTech, a graphite electrode manufacturer, announced on September 16, 2022, that its operations at the manufacturing facility in Nuevo León, Mexico, had been temporarily suspended after an inspection by the State Attorney’s Office for the Secretary of the Environment. The company also revealed that its international operating license in Mexico was no longer valid.
On February 3, 2023, GrafTech disclosed its earnings per share (EPS) of $0.17, falling short of the consensus estimates of $0.22. The company attributed this performance to increased costs, weaker industry demand, and the temporary suspension of operations in Mexico.
On April 28, 2023, GrafTech disclosed its first quarter 2023 financial results. During this period, the company faced significant challenges, including a 62% decline in sales volume compared to the first quarter of 2022. This sharp decrease was primarily attributed to the suspension of operations at GrafTech’s Monterrey facilities. As a consequence, GrafTech reported a net loss of over $7 million, a stark contrast to the approximately $124 million net income reported in the same quarter of the previous year.
The investigation pertains to whether executives at the company misrepresented or failed to timely disclose material and adverse information to investors.
What if I purchased GrafTech securities? If you purchased securities and suffered significant losses on your investment, join our investigation now: https://www.johnsonfistel.com/investigations/graftech
Or for more information, contact Jim Baker at jimb@johnsonfistel.com or (619) 814-4471
There is no cost or obligation to you.
What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
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