Fairmount Santrol Holdings Inc. is a holding company that through its subsidiaries (including Covia), produces sand and sand-based products used by oil and gas exploration and production companies.

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.

On August 2, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff. All future docketing was ordered to be done in the lead case 20-CV-02744. On August 16, the Court approved Lead Plaintiff's selection of Counsel.

Lead Plaintiff filed a consolidated amended Complaint on October 20, 2021. On November 8, Lead Plaintiff corrected the consolidated amended Complaint. Defendants filed a Motion to Dismiss the consolidated amended Complaint on December 15. On March 30, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Claims were dismissed against four of the individual Defendants.

On October 25, 2023, the remaining Defendant entered into a Stipulation of Settlement with the Plaintiffs on behalf of themselves and the Settlement Class. The Court granted preliminary approval of the Settlement on November 20.