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Case Status:    ONGOING    
On or around 07/02/2020 (Date of last review)

Filing Date: February 05, 2020

According to the Complaint, Sasol operates as an integrated chemical and energy company in South Africa. The Company operates through Mining, Exploration and Production International, Energy, Base Chemicals, and Performance Chemicals segments.

On October 27, 2014, Sasol announced the construction of a of an $8.1 billion ethane cracker and derivatives complex in Lake Charles, Louisiana, dubbed the Lake Charles Chemicals Project (“LCCP”). According to the Company, the LCCP includes seven manufacturing units, some of which are in continued development, including the low-density polyethylene (“LDPE”) facility and Ziegler alcohol, ethoxylates and Guerbet alcohol facilities, among others.

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, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sasol had conducted insufficient due diligence into, and failed to account for multiple issues with, the LCCP, as well as the true cost of the project; (ii) construction and operation of the LCCP was consequently plagued by control weaknesses, delays, rising costs, and technical issues; (iii) these issues were exacerbated by Sasol’s top-level management, who engaged in improper and unethical behavior with respect to financial reporting for the LCCP and the project’s oversight; (iv) all the foregoing was reasonably likely to render the LCCP significantly more expensive than disclosed and negatively impact the Company’s financial results; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On May 4, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 4.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas - Integrated
Headquarters: Republic of South Africa

SECURITIES INFORMATION:

Ticker Symbol: SSL
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. New York
DOCKET #: 20-CV-01008
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 02/05/2020
CLASS PERIOD START: 03/10/2015
CLASS PERIOD END: 01/13/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
  2. The Schall Law Firm
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 20-CV-01008
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 06/04/2020
CLASS PERIOD START: 03/10/2015
CLASS PERIOD END: 01/13/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (Berkeley)
No Document Title Filing Date
—Related District Court Filings Data is not available