San Diego, CA -- (SBWIRE) -- 12/21/2020 -- An investor, who purchased OTC: CVIAQ shares, filed a lawsuit against Covia Holdings Corporation /k/a Fairmount Santrol Holdings Inc over alleged violations of Federal Securities Laws.

Investors who purchased shares of Covia Holdings Corporation (OTC: CVIAQ) have certain options and for certain investors are short and strict deadlines running. Deadline: February 8, 2021. OTC: CVIAQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On May 9, 2019, after market hours, Covia Holdings Corporation revealed in a 10-Q Quarterly Report that it received a subpoena from the U.S. Securities and Exchange Commission ("SEC") on March 18, 2019. The SEC was "seeking information relating to certain value-added proppants marketed and sold by Fairmount Santrol or Covia within the Energy segment."

On November 6, 2019, during market hours, Covia Holdings Corporation revealed in a 10-Q Quarterly Report that the SEC "requested additional information and subpoenaed certain current and former employees to testify."

The plaintiff claims that between March 15, 2016 to June 29, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Covia's proprietary "value-added" proppants were not necessarily more effective than ordinary sand, that Covia's revenues, which were dependent on its proprietary "value-added" proppants, was based on misrepresentations, that when Covia insiders raised this issue, defendants did not take meaningful steps to rectify the issue, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Covia Holdings Corporation (OTC: CVIAQ) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.