SAN DIEGO & ALAMEDA, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Aqua Metals, Inc. (NasdaqCM: AQMS) breached their fiduciary duties to shareholders. Aqua recycles lead by using a room temperature, water-based process called AquaRefining.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/aqua-metals-inc-mar-2018
Aqua Metals Accused of Hiding Serious Troubles with its Technology
Purchasers of Aqua filed a securities class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 19, 2016 and November 9, 2017. On August 2, 2016, Aqua announced the opening of its first AquaRefinery, which it coined as the "world's first environmentally friendly process to recycle lead-acid batteries." While touting the positive impact of its AquaRefinery, Aqua ignored unresolved deficiencies in its AquaRefine technology and hid from investors that the company was unprofitable because it was unable to generate revenue from its core business. On October 23, 2017, Aqua revealed that it was only producing "small quantities" of lead. Then, on November 9, 2017, Aqua reported a net loss of $6.3 million, compared to a net loss of $3.5 million for the previous year's comparable quarter, disclosing that it was still overcoming "significant challenges." As news of Aqua's troubles became public, the company's stock fell nearly 82%, eventually closing at $3.00 per share on November 14, 2017, and has since fallen even further to close at $2.62 per share on March 20, 2018.
Aqua Metals Shareholders Have Legal Options
If you would like more information about your rights and potential remedies contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP, a nationally recognized leader in shareholder rights law, represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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