NEW YORK, Jan. 13, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Covia Holdings Corporation (f/k/a Fairmount Santrol Holdings Inc.) (“Covia” or the “Company”) (NASDAQ: CVIAQ). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Covia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 22, 2019, Covia disclosed receipt of a subpoena from the U.S. Securities and Exchange Commission (“SEC”) “seeking information relating to certain value-added proppants marketed and sold by” the Company. On this news, Covia’s stock price fell $0.45 per share, or 6.9%, to close at $6.05 per share on March 25, 2019.
Then, on November 6, 2019, Covia disclosed that “[s]ince the issuance of that subpoena, the SEC has requested additional information and subpoenaed certain current and former employees to testify.” On this news, Covia’s stock price fell $0.07 per share, or 4.3%, to close at $1.56 per share on November 6, 2019.
Finally, on June 29, 2020, Covia announced that it had entered into a comprehensive restructuring agreement with lenders and voluntarily filed petitions under Chapter 11 of the United States Bankruptcy Code to implement the agreement. On June 30, 2020, the New York Stock Exchange delisted the Company. On this news, Covia’s stock price fell $0.18 per share, or 37.5%, and resumed trading over-the-counter on July 1, 2020 at $0.30 per share.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980