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The filed complaint alleges that Celanese Corporation made materially false and/or misleading statements and/or failed to disclose that: On November 4, 2024, Celanese issued a press release reporting its financial results for the third quarter of 2024. Celanese's reported earnings adjusted for one-time items in the third quarter were $2.44 per share, compared with a consensus estimate of $2.84 per share. Celanese also reported revenue of $2.65 billion, representing a 2.6% year-over-year decline and falling short of consensus estimates of $2.69 billion. In the press release, Celanese's Chief Executive Officer stated that "[i]n the third quarter, we faced a severely constrained demand environment that, in some cases like auto, degraded swiftly" and cautioned investors that "[w]e expect demand conditions to worsen in the fourth quarter, as automotive and industrial segments react to recent dynamics by seasonally destocking at heavier than normal levels." Following this news, Celanese's stock price fell over 26% on November 5, 2024.
In order to be eligible to join the CE class action lawsuit, you must have incurred a loss on shares of Celanese Corporation purchased during the class period listed above.
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