If you invested in GrafTech and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »

CLASS PERIOD
02/08/2019 - 08/03/2023

LEAD PLAINTIFF DEADLINE
03/25/2024

RELATED DOCUMENTS
Complaint 01/25/24

STOCK SYMBOL
NYSE: EAF

CONTACT
844-916-0895
EAF@hbsslaw.com

The litigation focuses on GrafTech’s representations about one of its highest-capacity and lowest-cost facilities, located in Monterrey, Mexico (“Monterrey facility”), where the company manufactured all its pin stock inventory – a critical component of its electric arc furnace steel manufacturing process.

The complaint alleges GrafTech misrepresented and concealed that its Monterrey facility was not in compliance with applicable environmental laws and regulations.  Instead, the Monterrey facility had for decades chronically contaminated neighboring communities with harmful carcinogenic gasses and particulate matter.

The complaint also alleges that Defendants omitted to disclose that GrafTech had signed agreements with local authorities committing to improving the environmental performance of the Monterrey facility, but repeatedly failed to honor its commitments.

As the result of the above, GrafTech was acutely exposed to undisclosed material risks that the Monterrey facility would be severely disrupted by government action or enforcement and its supplies of pin stock and electrodes would be materially diminished.

Investors began to learn the truth on Sept. 16, 2022, when GrafTech unexpectedly revealed that government regulators shut down the Monterrey facility. Mexican news outlets reported that the shutdown order was made in response to GrafTech’s excessive pollution of carcinogenic gasses and particulate into neighboring communities.

Then, on Feb. 3, 2023, GrafTech announced disappointing Q4 and FY 2022 financial results and slashed its year-over-year sales outlook for the first half of 2023 by 50% (blaming the Monterrey facility closure)  and revealed a significant depletion in its on-hand pin stock inventory.

Further, on Apr. 28, 2023, GrafTech announced another disappointing quarter, the company again blamed the closure.

Finally, on Aug. 4, 2023, GrafTech reported that it suffered an $8 million net loss during Q2 2023 versus $115 million in net income in Q2 2022. The company again blamed its disastrous results on the closure.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the EAF securities class-action case about?

The litigation focuses on GrafTech’s representations about one of its highest-capacity and lowest-cost facilities, located in Monterrey, Mexico (“Monterrey facility”), where the company manufactured all its pin stock inventory – a critical component of its electric arc furnace steel manufacturing process.

WHAT SHOULD I DO?

I worked at EAF. What should I do?

If you were an employee of EAF during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or EAF@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICPATE?

Am I affected? What do I need to do to participate?

If you were an investor in EAF during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any EAF investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.

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