SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all purchasers of Piedmont Lithium Inc. f/k/a Piedmont Lithium Limited (NASDAQ: PLL) between March 16, 2018 and July 19, 2021, for violations of the Securities Exchange Act of 1934. Piedmont engages in the exploration and development of resource projects and holds a 100% interest in a lithium project covering 2,322 acres in North Carolina.
If you suffered a loss due to Piedmont Lithium Inc.'s misconduct, click here.
Piedmont Lithium Inc. (PLL) Misled Investors Regarding its Timeliness in Obtaining Permits
According to the complaint, during the relevant period, defendants informed investors of the necessity of obtaining the proper mining permits and even warned of risks associated with the Company's failure to obtain such permits. Throughout 2018, Piedmont touted its plan to mine in North Carolina and reiterated that to do so it would have to file the necessary permits. In 2019, the Company informed investors it had submitted "key permit applications," was in the process of "secur[ing] the necessary permits and approvals to commence mining and processing operations," and "look[ed] forward to deliver a DFS for a fully permitted integrated project by the end of 2020." By January 2021, the Company had not secured the proper permits to begin its project.
On July 20, 2021, Reuters published an article explaining that while the Company announced a deal to supply Tesla Inc. with lithium sourced from its deposits in North Caroline, it had done nothing to obtain state mining permits or zoning variance in Gaston County. The article also highlighted the deteriorating relationship between Piedmont and county leaders. On this news, Piedmont shares fell $12.56 per share, or nearly 20%, to close at $50.52 per share on July 20, 2021, damaging investors.
If you purchased shares of Piedmont Lithium Inc. (PLL) between March 16, 2018 and July 19, 2021, you have until September 21, 2021, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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