LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Covia Holdings Corporation (“Covia” or the “Company”) f/k/a Fairmount Santrol Holdings Inc. (“Fairmount Santrol”) (OTC: CVIAQ) (NYSE: CVIA, FMSA) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Covia investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/covia-holdings-corporation/.
You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
Covia provides minerals and materials solutions for the industrial and energy markets, including producing proprietary sand for use in fracking.
On March 22, 2019, after the market closed, the Company disclosed that it had “received a subpoena from the SEC seeking information relating to certain value-added proppants marketed and sold by Fairmount Santrol or Covia within the Energy segment since January 1, 2014.”
On this news, the Company’s share price fell $0.45, or 7%, to close at $6.05 per share on March 25, 2019, thereby injuring investors.
Then, on November 6, 2019, during market hours, Covia disclosed that “the SEC ha[d] requested additional information and subpoenaed certain current and former employees to testify.”
On this news, the Company’s share price fell $0.07, or 4.3%, to close at $1.56 per share on November 6, 2019, thereby injuring investors further.
Then, on June 29, 2020, after the market closed, the Company announced that it had filed for petitions under Chapter 11 of the U.S. Bankruptcy Code.
On June 30, 2020, the NYSE delisted the Company, stating in relevant part that “the Company is no longer suitable for listing . . . after the Company’s June 29, 2020 disclosure that the Company filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.”
On this news, the Company’s share price fell $0.18, or more than 37%, between the closing price on NYSE and resuming trading OTC on July 1, 2020 at $0.30 per share.
Whistleblower Notice: Persons with non-public information regarding Covia should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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