Trinseo PLC (TSE) Failed to Disclose the Multitude of Problems at its Bristol, PA Plant
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Trinseo PLC (NYSE: TSE) between May 3, 2021 and March 27, 2023. Trinseo is a materials solutions provider that manufactures and sells plastics and latex binders in the United States, Europe, the Asia-Pacific, and internationally.
According to the complaint, defendants failed to disclose 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; and (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.
On March 26, 2023, the Company published an announcement on its website that stated, in pertinent part: “Altuglas, a subsidiary of Trinseo, is working with local, state and federal agencies to clean up the release of a latex emulsion product from its manufacturing facility in Bristol, PA. The release, which occurred Friday evening, March 24, appears to be the result of an equipment failure.” The next day, The Philadelphia Inquirer released an article entitled “Bristol plant that spilled chemicals into Philly’s water supply had other mishaps over the last decade,” highlighting the decade-long problems at the plant. On this news, Trinseo’s stock fell $1.09 per share on March 27, 2023, or 5.2%, damaging investors.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Trinseo. Shareholders who want to act as lead plaintiff for the class must file their papers by June 20, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.