According to the law firm press release, Platform Specialty Products Corporation ("Platform"), a specialty chemicals company, 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, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) its subsidiary 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. Plaintiffs decided to voluntarily dismiss this action on December 14.