Sasol Ltd. (NYSE: SSL)

CASE NUMBER: 1:20-cv-01008-JSR
CASE NAME: Moshell v. Sasol Ltd. et al.
COURT: U.S. District Court for the Southern District of New York
PRACTICE AREA: Investor Fraud
STATUS: Active
CLASS PERIOD: 03/10/15 - 01/13/20
DATE FILED: 02/05/20
844-916-0895 [email protected]

This is a securities fraud class action filed on behalf of all purchasers of Sasol ADRs (NYSE: SSL) securities between Mar. 10, 2015 and Jan. 13, 2020, inclusive (the “Class Period”), alleging claims against Sasol Limited (SSL), a South Africa-based energy and chemical company, and certain of its most senior officers.

According to the Complaint, Defendants misled investors by misrepresenting and failing to disclose that: (1) Sasol conducted insufficient due diligence into, and did not account for multiple issues with, Sasol’s  Lake Charles chemical plant (“LCCP”), as well as its true cost; (2) construction and operation of the LCCP was plagued by control weaknesses, delays, rising costs, and technical issues; and (3) Sasol’s top-level management exacerbated these issues by engaging in improper and unethical behavior concerning financial reporting for, and oversight of, the LCCP.

Investors began to learn the truth through a series of disclosures, including on May 22, 2019, when Sasol abruptly raised the project’s cost estimate by $1 billion and disclosed an internal review into the project’s costs and construction schedule.  The company admitted to weaknesses in the project’s integrated controls, as well as significant additional concerns related to the project’s forecasting process.

Then, on Oct. 27, 2019, Sasol terminated its co-CEOs following an internal probe showing that the Lake Charles project management team acted inappropriately, lacked experience, and was overly focused on maintaining cost and schedule estimates instead of providing accurate information. 

Finally, on Jan. 13, 2020, Sasol disclosed an explosion and fire at its Lake Charles project’s low-density polyethylene unit, requiring the company to shut down the unit. 

Each of these disclosures caused the price of Sasol ADRs to decline sharply.

On May 4, 2020, the court appointed David Cohn Lead Plaintiff and approved his selection of Hagens Berman to serve as Lead Counsel for the Class.

Hagens Berman is one of the country’s leading securities litigation law firms in the U.S. and is presently leading and investigating nationwide securities and derivative cases against some of the largest U.S. and international corporations for securities fraud, false and misleading statements, and/or Director waste, breach of fiduciary duty, or other malfeasance. Our firm’s independent research outpaces even government agencies, and we are the only firm dedicating its own resources to uncovering new instances of fraud. Hagens Berman has also taken on other corporations on behalf of investors throughout the United States for misleading or harming investors, and your claim will be handled by attorneys experienced in securities litigation.

Persons with non-public information regarding Sasol should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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, call Reed Kathrein at 844-916-0895 or email [email protected].

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06/04/20: Amended Complaint Filed

On June 4, 2020, Lead Plaintiff filed his amended class action complaint.

05/04/20: Lead Counsel Appointed

Hagens Berman has been selected as lead counsel in the securities class action lawsuit against Sasol Ltd.

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