Kirby McInerney | Sasol Limited
This links to the home page
Cases
PRACTICE AREAS

Sasol Limited


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Sasol Limited (“Sasol” or the “Company”) (NYSE: SSL) securities during the period from March 10, 2015 through January 13, 2020. Investors have until April 6, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The lawsuit alleges that the Company failed to disclose that: (i) Sasol had conducted insufficient due diligence into, and failed to account for multiple issues with, the Lake Charles Chemicals Project (“LCCP”), as well as the true cost of the project; (ii) construction and operation of the LCCP was consequently plagued by control weaknesses, delays, rising costs, and technical issues; (iii) these issues were exacerbated by Sasol’s top-level management, who engaged in improper and unethical behavior with respect to financial reporting for the LCCP and the project’s oversight; and (iv) all the foregoing was reasonably likely to render the LCCP significantly more expensive than disclosed and negatively impact the Company’s financial results.
 
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.

On this news, Sasol’s ADR price fell $4.50 per share, or 14.93%, to close at $25.64 per share on May 22, 2019.

If you acquired Sasol securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
 

Sasol Limited Investor Contact Form