Case Summary

Compass Minerals

NYSE: CMP

Case Details

  • Valentine v. Compass Minerals International, Inc. et al.
  • Class Period:November 29, 2023 - March 22, 2024
  • Date Filed:April 24, 2024
  • Jurisdiction:U.S. District Court, District of Kansas
  • Docket Number: 2:24-cv-02165
  • Lead Plaintiff Deadline: June 24, 2024
Days Left to
Seek Plaintiff
30

Overview

A class action lawsuit has been filed against Compass Minerals International, Inc. (“Compass Minerals” or the “Company”) (NYSE: CMP) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Compass Minerals lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded Compass Minerals securities between November 29, 2023 and March 22, 2024, both dates inclusive (the “Class Period”), and investors have until June 24, 2024 to seek appointment as lead plaintiff of the Compass Minerals class action lawsuit. 

Compass Minerals is a provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities.  Pertinent to this lawsuit, Compass Minerals began a series of equity investments in Fortress North America, LLC (“Fortress”), which has described itself as “a next-generation fire retardant business dedicated to developing and producing a portfolio of magnesium chloride-based fire-retardant products to help combat wildfires.”  On May 5, 2023, Compass Minerals fully took over Fortress.  In 2023, Fortress only sold its fire-retardant products to the United States Forest Service (the “USFS”). 

The lawsuit alleges that Defendants, throughout the Class Period, made false statements and failed to disclose to investors that: (1) Compass Minerals overstated the likelihood that it would be awarded a renewed USFS contract for the use of its proprietary magnesium chloride-based aerial fire retardants for the 2024 fire season, as a result of safety issues presented by its fire retardant; (2) Compass Minerals materially overstated the extent to which testing had confirmed that its fire retardants were safe; and (3) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. 

As alleged in the lawsuit, on March 25, 2024, before the market opened, the Company issued a press release entitled “Compass Minerals Announces the Company Will Not Secure a USFS Contract to Supply Magnesium Chloride-Based Aerial Fire Retardants for the 2024 Fire Season.”  On this news, the price of Compass Minerals stock fell $3.00 per share, or 17.09%, to close at $14.55 on March 25, 2024. 

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If you purchased or otherwise acquired publicly traded publicly traded Compass Minerals securities between November 29, 2023 and March 22, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page.  

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.  

The deadline to apply to the Court to serve as a lead plaintiff in the Compass Minerals lawsuit is June 24, 2024. 

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