The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Atlas Lithium Corporation (ATLX) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Atlas Lithium Corporation (“Atlas Lithium” or the “Company”) (NASDAQ: ATLX) securities between March 25, 2022 and May 3, 2023, inclusive (the “Class Period”). Atlas Lithium investors have until August 1, 2023 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On May 4, 2023, Bleecker Street Research published a report alleging, among other things, that Atlas Lithium “resembles many of the characteristics of a pump and dump”; that “Atlas Lithium’s CEO was previously associated with Hunter Wise Securities, a broker fined $105 million for claiming to sell physical gold that it didn’t have”; and that “[EF Hutton, a] similarly disastrous bank[,] handled ATLX’s most recent offering and uplisting in early January.”

On this news, Atlas Lithium’s stock price fell $12.95, or 43.3%, to close at $16.93 per share on May 4, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company overstated the success of its lithium mining and misrepresented the nature of its Brazilian mineral rights; (2) in connection with these misrepresentations, Atlas Lithium conducted deceptive promotions to artificially inflate the value of the Company’s stock; (3) the foregoing conduct was designed to allow CEO Fogassa and other Company insiders to sell shares back into the market for a profit before the true nature of Atlas Lithium’s business was revealed; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Atlas Lithium securities during the Class Period, you may move the Court no later than August 1, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Atlas Lithium securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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