NEW YORK, July 22, 2021–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Piedmont Lithium Inc. ("Piedmont Lithium" or the "Company") (NASDAQ: PLL) on behalf of Piedmont Lithium stockholders. Our investigation concerns whether Piedmont Lithium has violated the federal securities laws and/or engaged in other unlawful business practices.
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The investigation focuses on Piedmont Lithium’s public disclosures concerning its plan to build a large lithium mine in Gaston County, North Carolina.
In past years, Piedmont Lithium has repeatedly assured investors it would be imminently applying for permits and zoning variances to build the mine. The Company further assured investors it was "not aware" of any reason why Gaston County would not approve zoning changes.
Recently, in late September 2020, Piedmont Lithium announced it signed a deal to supply lithium ore sourced from its deposits in North Carolina to electric auto maker Tesla, reportedly conditional upon both companies to start deliveries between July 2022 and July 2023. This news sent the price of the company’s American Depositary Shares up over 200% on Sept. 28, 2020.
However, Piedmont Lithium's ability to perform on the Tesla deal came into question on July 20, 2021, when Reuters reported that Piedmont Lithium had not even applied for the necessary mining permit or zoning variances. According to the article, five of the seven members of the Gaston County’s board of commissioners, who control zoning changes, say they may block or delay the project because Piedmont has not told them what levels of dust, noise and vibrations will occur, nor how water and air quality would be affected.
On this news, the Company’s stock price fell $12.56, or nearly 20%, to close at $50.52 per share on July 20, 2021.
If you purchased or otherwise acquired Piedmont Lithium shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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