LOS ANGELES, CA / ACCESSWIRE / September 29, 2022 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Compass Minerals International, Inc. ("Compass" or "the Company") (NYSE:CMP) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The SEC announced on September 23, 2022, that Compass had been 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, and for failing to properly assess whether to disclose the financial risks created by the company's excessive discharge of mercury in Brazil." The SEC stated that, "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 that the Company's statements "were misleading because they failed to tell investors that costs at the mine were increasing rather than decreasing, which substantially undermined the projected savings." The SEC added that "Compass misled investors by overstating the amount of salt it was able to produce at Goderich."
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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SOURCE: The Schall Law Firm