.SasolSA on Thursday confirmed it has agreed to pay $24 million (R411.69 million) to settle a class action lawsuit brought by US investors claiming it deliberately understated the cost of its Louisiana chemical plant project. Moneyweb CompanyNews
Sasol on Thursday confirmed it has agreed to pay $24 million to settle a class action lawsuit brought by US investors claiming it deliberately understated the cost of its Louisiana chemical plant project. The lawsuit was brought by holders of Sasol securities who claimed the company had misled them by failing to disclose the true cost and schedule of its Lake Charles chemical plant, according to a statement posted on the website of US law firm Hagens Berman which is representing the investors.
Read: Where Sasol got its improved profit A Sasol spokesperson confirmed the settlement to Reuters. “Hagens Berman is pleased to announce a settlement with defendants totalling $24 million,” the US attorneys said. A US district court gave a final order confirming the settlement on August 19, according to the court documents, bringing a two-year legal battle to a close.
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