Fairmount Santrol Holdings Inc. Securities Litigation
On or around 12/15/2020 (Date of last review)
Filing Date: December 10, 2020
According to the Complaint, Covia purports to be in the business of minerals and materials solutions for the industrial and energy markets, including producing proprietary sand for use in fracking.
Covia shares traded on the New York Stock Exchange under the ticker symbol “CVIA.” On June 30, 2020, NYSE delisted Covia stocks, and now the Company’s shares trade over-the-counter (“OTC”) under the ticker symbol “CVIAQ.” Prior to a merger with Unimin Corporation (“Unimin”) on or about June 2018, shares of Fairmount Santrol traded on the NYSE under the ticker symbol “FMSA.” On or about June 1, 2018, Fairmount Santrol and Unimin entered a strategic combination, whereupon Fairmount Santrol shareholders received approximately $0.73 in cash consideration and .2 shares of Covia for each held share of Fairmount Santrol. Any remaining Fairmount Santrol shares that couldn’t be converted into a whole Covia share were redeemed for cash.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Covia's proprietary "value-added" proppants were not necessarily more effective than ordinary sand; (2) Covia's revenues, which were dependent on its proprietary "value-added" proppants, was based on misrepresentations; (3) when Covia insiders raised this issue, Defendants did not take meaningful steps to rectify the issue; and (4) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Company & Securities Information
Defendant: Fairmount Santrol Holdings Inc.
Industry: Oil Well Services & Equipment
Headquarters: United States
Ticker Symbol: CVIA
Company Market: OTC-BB
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.
First Identified Complaint
William Plagens, et al. v. Deckard, et al.
COURT: N.D. Ohio
DOCKET #: 20-CV-02744
JUDGE: Hon. Aaron Polster
DATE FILED: 12/10/2020
CLASS PERIOD START: 03/15/2016
CLASS PERIOD END: 06/29/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm, P.A. (NY)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available