|Company Name||Trinseo PLC|
|Class Period||May 03, 2021 to March 27, 2023|
|Lead Plaintiff Motion Deadline||June 20, 2023|
On March 27, 2023, The Philadelphia Inquirer reported that Trinseo’s chemical plant in Bristol, Pennsylvania, which caused a toxic spill that threatened Philadelphia’s drinking water, has “a long history of mishaps – including at least four recent contamination incidents.”
On this news, Trinseo’s stock price fell $1.09, or 5.3%, to close at $19.62 per share on March 27, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s Bristol, Pennsylvania plant had a troubled safety record while under prior ownership and continued to be unsafe after the Company acquired it; (2) Defendants did not sufficiently disclose specific risks related to conducting operations at that plant; (3) Operating a chemical plant with an unsafe history and presently unsafe operations exposed the Company to a heightened risk of a chemical spill or other adverse event; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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