Case Page

 

Case Status:    ONGOING    
On or around 12/08/2016 (Court's order of dismissal)

Filing Date: March 30, 2016

According to the law firm press release, Platform was founded in 1922. Formerly known as Platform Acquisition Holdings Limited, the Company changed its name to Platform Specialty Products Corporation in October 2013. Platform is headquartered in West Palm Beach, Florida.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Arysta had made improper third-party payments in West Africa; (ii) that the foregoing payments were unlawful under the U.S. Foreign Corrupt Practices Act (“FCPA”); and (iii) as a result of the foregoing, Platform’s public statements were materially false and misleading at all relevant times.

On March 11, 2016, Platform disclosed in its 2015 annual report that the Company had “discovered certain payments made to third-party agents in connection with Arysta’s government tender business in West Africa which may be illegal or otherwise inappropriate,” and had “engaged outside counsel and an outside accounting firm to conduct an internal investigation to review the legality of these and other payments...including Arysta’s compliance with the FCPA.”

On this news, Platform stock fell $0.28 per share, or 3.16%, to close at $8.57 on March 14, 2016, the following trading day.

On March 14, 2016, shortly before the end of the trading day, the Wall Street Journal published a story addressing these disclosures by Platform, entitled “Chemical Company Notifies U.S. of West Africa FCPA Probe.”

On this news, Platform stock fell $0.62 per share, or 7.23%, to close at $7.95 on March 15, 2016.

On June 30, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiffs filed an amended complaint on July 20.

On December 8, 2016, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiffs were given leave to file an amended complaint.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PAH
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 16-CV-80490
JUDGE: Hon. Donald M. Middlebrooks
DATE FILED: 03/30/2016
CLASS PERIOD START: 02/17/2015
CLASS PERIOD END: 03/14/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 16-CV-80490
JUDGE: Hon. Donald M. Middlebrooks
DATE FILED: 07/20/2016
CLASS PERIOD START: 10/21/2014
CLASS PERIOD END: 03/14/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cullin O'Brien Law, P.A.
    6541 NE 21st Way , Cullin O'Brien Law, P.A. , FL 33308
    561-676-6370 561-320-0285 ·
  2. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  3. Levi & Korsinsky, LLP
    30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004
    212.363.7500 212.363-7171 ·
  4. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date