RADNOR, Pa., July 28, 2021 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Piedmont Lithium Inc. f/k/a Piedmont Lithium Limited (NASDAQ: PLL, PLLL) ("Piedmont") on behalf of those who purchased or acquired Piedmont securities between March 16, 2018 and July 19, 2021, inclusive (the "Class Period").
Piedmont engages in the exploration and development of resource projects. Piedmont primarily holds a 100% interest in a lithium project covering 2,322 acres in the North Carolina. On May 17, 2021, in connection with Piedmont's redomiciliation from Australia to the United States, Piedmont's American Depositary Share ("ADS") holders received one share of Piedmont common stock for each ADS.
The Class Period commences on March 16, 2018, when Piedmont filed a Registration Statement on a Form 20-F. On June 14, 2018, Piedmont issued a press release entitled "PIEDMONT LITHIUM ANNOUNCES MAIDEN MINERAL RESOURCE" which stated, in part, its "strategy of building an integrated lithium processing business based on proven, conventional technologies and benefitting from the inherent advantages of Piedmont's strategic North Carolina location, including; … [s]trong local government support." Throughout the Class Period, Piedmont informed investors regarding its plan for completing necessary permitting and zoning activities required to commence mining and processing operations in North Carolina.
The truth began to emerge on July 20, 2021. Before market hours, Reuters published an article entitled "In push to supply Tesla, Piedmont Lithium irks North Carolina neighbors" which reported the following, in pertinent part, regarding Piedmont's regulatory issues in North Carolina: (1) Piedmont had not applied for a state mining permit or a necessary zoning variance in Gaston County, just west of Charlotte, despite telling investors since 2018 that it was on the verge of doing so; (2) five of the seven members of the county's board of commissioners, who control zoning changes, said they may block or delay the project; and (3) Piedmont had been set to meet with commissioners in March, but canceled with three days' notice, further straining the relationship.
Following this news, Piedmont shares fell $12.56 per share over the trading day, or nearly 20%, to close at $50.52 per share on July 20, 2021.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Piedmont had not, and would not, follow its stated steps or timeline to secure all proper and necessary permits; (2) Piedmont failed to inform relevant people and governmental authorities of its actual plans; (3) Piedmont failed to file proper applications with relevant governmental authorities (including state and local authorities); (4) Piedmont and its lithium business did not have "strong local government support"; and (5) as a result, the defendants' public statements were materially false and/or misleading at all relevant times.
Piedmontinvestors may, no later than September 21, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP James Maro, Jr., Esq. 280 King of Prussia Road Radnor, PA 19087 (844) 887-9500 (toll free) [email protected]