SAN FRANCISCO, CA / ACCESSWIRE / July 22, 2021 / Hagens Berman urges Piedmont Lithium Inc. (NASDAQ:PLL) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations at Piedmont Lithium and certain investors may have valuable claims.
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Piedmont Lithium Inc. (PLL) Investigation:
The investigation focuses on Piedmont Lithium's public disclosures concerning its plan to build a large lithium mine in Gaston County, North Carolina.
In past years, Piedmont Lithium has repeatedly assured investors it would be imminently applying for permits and zoning variances to build the mine. The Company further assured investors it was "not aware" of any reason why Gaston County would not approve zoning changes.
Recently, in late September 2020, Piedmont Lithium announced it signed a deal to supply lithium ore sourced from its deposits in North Carolina to electric auto maker Tesla, reportedly conditional upon both companies to start deliveries between July 2022 and July 2023. This news sent the price of the company's American Depositary Shares up over 200% on Sept. 28, 2020.
However, Piedmont Lithium's ability to perform on the Tesla deal came into question on July 20, 2021, when Reuters reported that Piedmont Lithium had not even applied for the necessary mining permit or zoning variances. According to the article, five of the seven members of the Gaston 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.
This news sent the price of Piedmont ADSs crashing lower on July 20, 2021.
"We're focused on investors' losses and whether Piedmont concealed known building permit and zoning risks posed by the Gaston County mine," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Piedmont Lithium and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Piedmont Lithium should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
CONTACT:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP