CVIAQ CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit On Behalf of Covia Holdings Corporation f/k/a Fairmount Santrol Holdings Inc. Investors
THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit entitled Baron v. Is in the US District Court for the Northern District of Ohio. Deckard et al. (Case # 1: 21-cv-0238) on behalf of the individuals and entities that make up Covia Holdings Corporation (“Covia” or the “Company”) f / k / a Fairmount Santrol Holdings Inc. (“Fairmount Santrol”) (OTC: CVIAQ) purchased or otherwise acquired (NYSE: CVIA, FMSA) securities between March 15, 2016 and June 29, 2020 inclusive (the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have until February 8, 2021 to appoint the court as the lead plaintiff in this lawsuit.
If you have suffered a loss on your Covia investment or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases / Submit covia-holdings -group /.
You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at Shareholder@glancylaw.com or on our website at www.glancylaw.com for more information about your rights.
On March 22, 2019, after the market closed, the company announced that it had “received a subpoena from the SEC for information on certain value creation props that Fairmount Santrol or Covia has been operating in the energy segment since January 1, 2014 marketed and sold. ”
In the news, Covia’s share price fell $ 0.45 per share, or 6.9%, to close at $ 6.05 per share on March 25, 2019 amid unusually high trading volume.
On November 6, 2019, the company announced that “the SEC has requested additional information and has cited certain current and former employees to testify.”
In that news, Covia’s stock price fell $ 0.07, or approximately 4.3%, to close at $ 1.56 per share on November 6, 2019.
On June 29, 2020, after the market closed, the company announced that it had entered into a comprehensive restructuring agreement and voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Act.
On June 30, 2020, the NYSE delisted the company, stating that “the company is no longer eligible for listing” after it was announced that it would file for bankruptcy.
In that news, the company’s stock price fell $ 0.18, or 37.5%, from a closing price of $ 0.48 per share on June 29, 2020 to $ 0.30 per share when the OTC opened on July 1, 2020 .
Throughout the class, Defendants made materially false and / or misleading statements and did not disclose any material adverse facts about the company’s business, business, or prospects. Specifically, Defendants have failed to advise investors that: (1) the company’s proprietary “value added” proppants were not necessarily more effective than ordinary sand; (2) The company’s income, which was dependent on its own means of value creation, was based on false information. (3) When Company insiders raised the issue, Defendants took no reasonable steps to correct the issue. and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and / or unfounded.
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If you purchased or otherwise acquired the Covia securities during the class period, you can move the court no later than February 8, 2021 and ask the court to appoint you as the lead plaintiff. You don’t need to take any action at this point to be a member of the class. You can keep an attorney of your choice or take no action and remain an absent member of the class. If you would like to learn more about this promotion, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Charles Linehan, Esquire, GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, email Shareholders@glancylaw.com or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.