Sasol Limited : American Depositary Shares Securities Litigation

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Lawsuit Overview

Defendant:Sasol Ltd.
Date Filed:February 5th, 2020
Sector:Energy
Industry:Oil & Gas Production
Class Start Date:March 10th, 2015
Class End Date:January 13th, 2020

According to the Complaint, Sasol operates as an integrated chemical and energy company in South Africa. The Company operates through Mining, Exploration and Production International, Energy, Base Chemicals, and Performance Chemicals segments.

On October 27, 2014, Sasol announced the construction of a of an $8.1 billion ethane cracker and derivatives complex in Lake Charles, Louisiana, dubbed the Lake Charles Chemicals Project ("LCCP"). According to the Company, the LCCP includes seven manufacturing units, some of which are in continued development, including the low-density polyethylene ("LDPE") facility and Ziegler alcohol, ethoxylates and Guerbet alcohol facilities, among others.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sasol had conducted insufficient due diligence into, and failed to account for multiple issues with, the 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; (iv) all the foregoing was reasonably likely to render the LCCP significantly more expensive than disclosed and negatively impact the Company's financial results; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

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First Identified Complaint

Chad Lindsey Moshell, et al. v. Sasol Limited, et al.

Date Filed:February 5th, 2020
Class Period Start:March 10th, 2015
Class Period End:January 13th, 2020
First Identified Complaint Filings
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