NEW YORK, April 26, 2016 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action  has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of Platform Specialty Products Corporation (“Platform”) (NYSE:PAH) securities during the period between February 17, 2015 and March 14, 2016, inclusive (the “Class Period”).

If you purchased Platform securities during the Class Period, you may, no later than June 1, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

If you want more information about the Platform Securities Class Action, contact Sheila Feerick at Safirstein Metcalf LLP, 1-800-221-0015 or email info@SafirsteinMetcalf.com or at http://www.safirsteinmetcalf.com/platform.html

According to the complaint, Platform produces and sells specialty chemical products in the Americas, the Asia- Pacific region, and Europe. The company operates through two segments, Performance Solutions and Agricultural Solutions.  On February 17, 2015, Platform completed the acquisition of Arysta LifeScience Limited (“Arysta”), a crop protection and life science company with operations in more than 125 countries worldwide.

The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) Arysta had made improper third-party payments in West Africa; (ii) the foregoing payments were unlawful under the U.S. Foreign Corrupt Practices Act (“FCPA”); and (iii) as a result of the foregoing, Platform’s public statements were materially false and misleading at all relevant times.

According to the complaint, on March 11, 2016, Platform disclosed in its 2015 annual report that the company had “discovered certain payments made to third-party agents in connection with Arysta’s government tender business in West Africa which may be illegal or otherwise inappropriate” and had “engaged outside counsel and an outside accounting firm to conduct an internal investigation to review the legality of these and other payments . . . including Arysta’s compliance with the FCPA.”  Following this news, Platform stock fell $0.28 per share, or 3.16%, to close at $8.57 on March 14, 2016, the following trading day.

Then, on March 14, 2016, shortly before the end of the trading day, the Wall Street Journal published a story addressing the disclosures by Platform entitled “Chemical Company Notifies U.S. of West Africa FCPA Probe.”  Following this news, Platform stock fell $0.62 per share, or 7.23%, to close at $7.95 on March 15, 2016.

About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.

Attorney advertising.  Prior results do not guarantee a similar outcome.

 

Safirstein Metcalf LLP
Peter Safirstein, Esq.
1250 Broadway
27th Floor
New York, NY  10001
1-800-221-0015
info@SafirsteinMetcalf.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.