NEW YORK, Aug. 11, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Piedmont Lithium Inc. ("Piedmont" or the "Company") (NASDAQ: PLL). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Piedmont and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In 2020, Piedmont signed a deal to supply Tesla Inc. with lithium sourced from its deposits in North Carolina. Then, on July 20, 2021, Reuters reported that Piedmont "has 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." Reuters further reported that "[f]ive of the seven members of the county's board of commissioners, who control zoning changes, say they may block or delay the project because Piedmont has not told them what levels of dust, noise and vibrations will occur, nor how water and air quality would be affected."
On this news, Piedmont's stock price fell $12.56 per share, or 19.91%, to close at $50.52 per share on July 20, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.