GrafTech International Ltd.
|Company Name||GrafTech International Ltd.|
On September 16, 2022, after the market closed, GrafTech disclosed that operations had been temporarily suspended at its graphite electrode manufacturing facility after an inspection by the State Attorney’s Office for the Secretary of the Environment for the State of Nuevo León. The Company’s International operating license in Mexico was also determined to be no longer in effect.
On this news, GrafTech’s stock fell $0.45, or 8.5%, to close at $4.85 on September 19, 2022, thereby injuring investors.
Then, on April 28, 2023, GrafTech released its first quarter 2023 financial results, revealing that sales had declined 62% compared to the previous year, reporting a net loss of over $7 million compared to a net income of $124 million the previous year.
On this news, GrafTech’s stock price fell $0.47, or 9.9%, over the next two consecutive trading days to close at $4.25 per share on May 1, 2023, thereby injuring investors further.
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