The investigation centers on disclosures made by the company on August 7, 2026. Calumet reported a $6.2 million decline in adjusted EBITDA for its Performance Brands segment, citing timing issues between input cost spikes and pricing adjustments. Simultaneously, the firm revealed that the Montana Renewables business suffered a $40 million impact due to downtime from the MaxSAF expansion, restricting its contribution to just $17 million in adjusted EBITDA.

Management also announced a strategic shift to defer the full ramp-up of sustainable aviation fuel production. The company opted to prioritize an additional $50 million in EBITDA at its conventional refinery before proceeding with asset reconfiguration, a move that effectively delays higher production yields. Investors concerned about these practices or potential breaches of fiduciary duty are directed to contact Danielle Peyton at Pomerantz LLP to discuss their legal standing.