Methanex Corp.
Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: Methanex Corp. |
Ticker: | Ticker: MEOH |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP is investigating potential claims against Methanex, Corp. (“Methanex” or the “Company”) (NASDAQ:MEOH). The investigation concerns whether Methanex and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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.
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.