NEW YORK, March 01, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Methanex Corp. (“Methanex” or the “Company”) (NASDAQ:MEOH). The ongoing investigation concerns whether Methanex and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 20, 2024, Methanex issued a press release revealing that the “commercial production of its new 1.8 million tonne methanol plant, Geismar 3 (G3), in Geismar, Louisiana has been delayed due to complications that occurred in the autothermal reformer (ATR) during the late stages of the initial start-up process.” Methanex stated that officials initiated a shutdown and an inspection of the plant which discovered that significant damage was sustained to a large number of supporting refractory bricks in the vessel. The time required to replace the structures was expected to delay commercial production up to the end of the third quarter of 2024. On this news, the price of Methanex shares declined by $5.08 per share, or approximately 10.8%, from $47.05 per share on February 16, 2024 to close at $41.97 on February 20, 2024.
If you purchased or otherwise acquired Methanex securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
