NEW YORK, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Ohio on behalf of all persons or entities who purchased the securities of Sotera Health Company (“Sotera” or the “Company”) (NASDAQ: SHC) between November 20, 2020 and September 19, 2022, both dates inclusive (the “Class Period”).

The Complaint alleges throughout the Class Period, and in connection with the IPO and the SPO, Sotera Health made false and misleading representations concerning its emissions control systems and exposure to liability from lawsuits for the Company’s failure to limit harmful Ethylene Oxide (“EtO”) emissions. The Company represented that it had “a proactive [environmental, health and safety] program and a culture of safety and quality.” In addition, Sotera Health stated that it employed adequate and effective safeguards to control EtO emissions. Moreover, Sotera Health and its executives vehemently denied allegations that the Company’s EtO emissions from its sterilization facilities caused cancer and other severe health issues in people living in the communities near those facilities.

The Complaint alleges that these statements were false. The Complaint alleges that Sotera and its senior executives and controlling shareholders knew, or at a minimum, recklessly disregarded, that for years the Company failed to employ effective emissions control systems to prevent the release of excessive amounts of toxic EtO gas from its sterilization facilities. The Complaint alleges that those deficiencies exposed people living in the surrounding communities to a significantly increased risk of cancer and subjected Sotera to an increased risk of liability from hundreds of EtO-related lawsuits. The Complaint alleges that as a result of these misrepresentations, shares of Sotera stock traded at artificially inflated prices throughout the Class Period.

The Complaint further alleges that investors began to learn the truth on September 19, 2022, when an Illinois state court jury in a lawsuit arising from Sotera’s EtO emissions to go to trial, captioned Kamuda v. Sterigenics U.S., LLC, No. 18 L 10475 (Ill. Cir. Ct.) (“Kamuda”), found Sotera liable for the plaintiff’s cancer. Specifically, the jury awarded the plaintiff $363 million in damages, including $38 million in compensatory damages and $325 million in punitive damages. The Complaint alleges that the jury cited Sotera’s and Sterigenics’ “willful and wanton” misconduct in not preventing toxic EtO emissions, and failing to warn about the severe health hazard posed by the Company’s Illinois facility. The Complaint alleges that as a result of these disclosures, Sotera’s stock price declined from $14.73 per share on September 16, 2022, to $9.83 per share on September 19, 2022.

Investors who purchased or otherwise acquired shares of Sotera should contact the Firm prior to the March 27, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com. Please visit our website at http://www.gme-law.com for more information about the firm.

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