SAN FRANCISCO, Sept. 11, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Piedmont Lithium Inc. (NASDAQ: PLL) investors with significant losses to submit your losses now.
Piedmont Lithium Inc. (PLL) Securities Fraud Class Action:
The complaint alleges that Defendants misrepresented and concealed material information concerning Piedmont’s progress toward obtaining necessary permits and zoning variances to build a large lithium mine in Gaston County, North Carolina.
Specifically, Defendants failed to disclose that Piedmont: (1) has not, and would not, follow its stated steps or timeline to secure all proper and necessary permits, (2) did not inform relevant government authorities of its actual plans, (3) did not file proper applications with state and local authorities, and (4) did not have “strong local government support.”
On July 20, 2021, investors began to learn the truth when Reuters reported that (1) Piedmont had not even applied for the necessary mining permit or zoning variances, (2) 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, and (3) the relationship between the company and county officials is increasingly strained.
These events sent the price of Piedmont American Depository Shares sharply lower.
Most recently, on Aug. 6, 2021, Reuters reported the Gaston County Commissioners unanimously approved a 60-day mining moratorium and said the company “cannot be trusted” to protect the health, safety, and welfare of citizens. Reuters also reported an outside adviser to the Commissioners informed them that a mine of this size was never anticipated in the development regulations.
“We’re focused on investors’ losses and proving Piedmont concealed known building permit and zoning risks posed by the Gaston County mine,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Piedmont Lithium and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Piedmont Lithium should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PLL@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895