Sotera Health Company Class Action Lawsuit - SHC
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The Sotera Health class action lawsuit seeks to represent purchasers or acquirers of Sotera Health Company (NASDAQ: SHC) common stock: (i) pursuant and/or traceable to Sotera Health’s initial public offering conducted on or around November 20, 2020 (“IPO”); (ii) pursuant and/or traceable to Sotera Health’s secondary public offering conducted on or around March 18, 2021 (“SPO”); and/or (iii) between November 20, 2020 and September 19, 2022, inclusive (the “Class Period”). Captioned Oakland County Employees’ Retirement System v. Sotera Health Company, No. 23-cv-00143 (N.D. Ohio), the Sotera Health class action lawsuit charges Sotera Health and certain of its top executives, directors, controlling shareholders, and underwriters with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Sotera Health class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Sotera Health class action lawsuit must be filed with the court no later than March 27, 2023.
CASE ALLEGATIONS: Sotera Health provides sterilization and lab testing and advisory services to the medical device and pharmaceutical industries. Through its Sterigenics brand, Sotera Health provides outsourced terminal sterilization services for the medical device and pharmaceutical markets. As part of Sotera Health’s sterilization services, Ethyl Oxide (“EtO”) gas is used – a process that emits toxic fumes which must be filtered before being released into the air.
The Sotera Health class action lawsuit alleges that the IPO and SPO’s offering documents and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Sotera Health failed to employ effective emissions control systems to prevent the release of excessive amounts of toxic EtO gas from its sterilization facilities; (ii) those deficiencies exposed people living in the surrounding communities to a significantly increased risk of cancer; and (iii) those deficiencies further subjected Sotera Health to an increased risk of liability from hundreds of EtO-related lawsuits.
On September 19, 2022, an Illinois state court jury, in the first lawsuit arising from Sotera Health’s EtO emissions (the “Kamuda” case) found Sotera Health liable for causing the Kamuda plaintiff’s cancer. The jury awarded the Kamuda plaintiff $363 million in damages. The jury cited Sotera Health’s and Sterigenics’ “willful and wanton” misconduct in not preventing toxic EtO emissions, and failing to warn about the severe health hazard posed by Sotera Health’s Illinois facility. On this news, Sotera Health’s stock price declined over 33%.
Then, on September 20, 2022, Goldman Sachs downgraded Sotera Health stock, noting a greater risk to Sotera Health in future EtO-related litigation. On this news, Sotera Health’s stock price declined over 16%.
Finally, on September 21, 2022, JP Morgan downgraded Sotera Health stock after finding that “investors are likely to price in this unprecedented ruling as a higher probability of a larger settlement or subsequent payouts of the 700+ remaining individual lawsuits, which [Sotera Health] could potentially not afford.” On this news, Sotera Health’s stock price declined over 10%, further damaging investors.
As of when the Sotera Health class action lawsuit was filed, Sotera Health common stock continued to trade below the $23.00 per share IPO price and the $27.00 per share SPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Sotera Health common stock pursuant and/or traceable to the offering documents issued in connection with Sotera Health’s IPO and/or SPO and/or during the Class Period to seek appointment as lead plaintiff in the Sotera Health class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Sotera Health class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Sotera Health class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Sotera Health class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.