OAKLAND, Calif.--(BUSINESS WIRE)--Piedmont Lithium Inc. shares plunged nearly 20% on Tuesday, July 20, 2021 after Reuters reported it has repeatedly delayed seeking county approval for its proposed lithium mine, despite years of promising investors that it would do so. Five out of seven county officials now say they may block or delay the project because Piedmont has failed to inform them about the mine's potential environmental impacts. Gibbs Law Group is investigating a potential Piedmont Lithium Class Action Lawsuit on behalf of investors who lost money in Piedmont Lithium Inc. (NASDAQ: PLL).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Tuesday July 20, 2021, Reuters reported that a majority of county officials in Gaston County, North Carolina say they may block or delay Piedmont’s plan to build the largest lithium mine in the U.S., because the company has failed to inform them of any potential environmental impacts, including effects on noise, dust, vibrations, water and air quality.
Despite promising investors as early as 2018 that it would obtain permits by 2019, Piedmont has repeatedly delayed the process. In March 2021, Piedmont cancelled a planned meeting with county commissioners with three days’ notice, leading one commissioner to say, “This has been the worst rollout of a project from a company I’ve ever seen.” Previously, Piedmont has told investors it was “not aware” of any potential roadblocks to receiving permitting, despite the fact that they had not yet presented any information to the county government.
Piedmont signed a deal with Tesla in 2020, causing its stock to skyrocket, and its proposed mine would be the largest lithium mine in the US.
Following news of trouble with its planned mine, Piedmont’s stock price plummeted nearly 20% at the close of July 20, 2021, causing significant harm to investors.
What Should Piedmont Investors Do?
If you invested in Piedmont, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Piedmont Lithium Inc. has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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