NEW YORK, NY / ACCESSWIRE / December 29, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Scorpio Bulkers Inc. ("Scorpio" or the "Company") (NYSE:SALT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Scorpio and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 20, 2020, Scorpio disclosed that it would sell its remaining dry bulk vessels and exit the dry bulk sector during 2021. Scorpio advised that, in connection with this decision, the Company "expects to record a write-down ranging from $475.0 million to $500.0 million on vessels sold and classified as held for sale," which would include "non-cash charges of $425.0 million to $440.0 million . . . and $50.0 million to $60.0 million of estimated cash charges."
On this news, Scorpio's stock price fell $1.53 per share, or 8.88%, to close at $15.70 per share on December 21, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP