Ferroglobe PLC (GSM) Accused of Making False and Misleading Statements

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between August 21, 2018 and November 26, 2018, Ferroglobe PLC (GSM) failed to disclose to investors that demand for its products was declining because of an excess supply of the company's products in the market. On November 26, 2018, Ferroglobe reported a net loss of $2.9 million for the third quarter 2018, compared to a net profit of $66.0 million for the prior quarter. On this news, the company's stock fell more than 62%, to close at $1.80 per share on November 27, 2018, and has yet to recover from its demise.

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