National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that investors in Sotera Health Company (“Sotera” or the “Company”) who suffered losses from purchasing or otherwise acquiring Sotera common stock (NASDAQ: SHC) (i) in and/or traceable to Sotera’s IPO on November 20, 2020, (ii) in and/or traceable to Sotera’s secondary public offering (“SPO”) on or around March 18, 2021, and/or (iii) between November 20, 2020 and September 19, 2022, inclusive (the “Class Period”) contact our attorneys immediately regarding pending securities fraud class action against Sotera. The deadline to apply to be a lead plaintiff is March 27, 2023.
Class Period: November 20, 2020 – September 19, 2022
Lead Plaintiff Motion Deadline: March 27, 2023
Case information: lieffcabraser.com/securities/sotera
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The action alleges that defendants made materially false and misleading statements concerning Sotera’s ability to control toxic emissions of Ethlyne Oxide (“EtO”) resulting from its terminal sterilization services and its potential liability from lawsuits alleging that emissions from Sotera’s facilities cause cancer.
On September 19, 2022, in the first lawsuit arising from Sotera’s EtO emissions to go to trial, an Illinois state court jury found Sotera liable for the plaintiff’s cancer and awarded $363 million in damages and cited Sotera’s “willful and wanton” misconduct in not preventing toxic EtO emissions, as well as Sotera’s failure to warn about the severe health hazard posed by the Company’s Illinois facility. On this news, Sotera’s stock price declined $4.90 per share, or 33.3%, to close at $9.83 per share on September 19, 2022.
News reports subsequently revealed that the jury verdict was supported by “[e]mails and corporate documents” that showed Sotera “knew long ago” about the toxic effects of EtO and that Sotera “delayed installing pollution-control equipment and attempted to undermine federal regulations that would require costly improvements at sterilization facilities.” On this news, Sotera’s stock price fell an additional 16.6% to close at $8.20 per share on September 20, 2022.
Analysts proceeded to downgrade Sotera stock due to risks to Sotera of future EtO-related litigation. On this news, Sotera’s stock price fell another 10.7% to close at $7.32 per share on September 21, 2022. In response to these revelations, Sotera’s stock price declined 68% from its IPO price of $23 per share, and nearly 73% from the SPO offering price of $27 per share.
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#SHC INVESTORS: March 27, 2023 Filing Deadline in #Securities #ClassAction – Contact Lieff Cabraser #stocknews #SHC $SHC
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