NEW YORK CITY, NY / ACCESSWIRE / November 26, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Celanese Corporation ("Celanese" or the "Company") (NYSE:CE). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Celanese and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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."
On this news, Celanese's stock price fell $32.50 per share, or 26.32%, to close at $91.00 per share on November 5, 2024.
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SOURCE: Pomerantz LLP