Piedmont Lithium Inc.

  • Active

Investigation
07/23/2021

Initial Lawsuit
07/23/2021

Lawsuit Progression
02/04/2022

Investigation

  • Continous Holding
    March 16, 2018 to July 19, 2021
  • Proposed Claim
    Securities Violation

Were Piedmont Lithium’s statements about its state mining permit application and zoning variance in North Carolina misleading?
Reuters published an article evidencing Piedmont’s failure to apply for “a state mining permit or a necessary zoning variance in Gaston County . . . despite telling investors since 2018 that it was on the verge of doing so.”

This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.

A lawsuit was subsequently filed. We will update this post accordingly.

Main Event

Untold Truth?

07/20/2021

News Outlets

Reuters publishes an article revealing to investors that Piedmont Lithium “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.”

“Five 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.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$50.52 $63.08 $-12.56 -19.91%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 07/23/2021

A shareholder filed this federal securities class action on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Piedmont between March 16, 2018 and July 19, 2021, both dates inclusive.

  • Filing Date
    07/23/2021
  • Class Period
    03/16/2018 to 07/19/2021
  • Transgression
    Securities Violation
  • Filing Firms
    The Rosen Law Firm, P.A.
  • Case Title
    Skeels v. Piedmont Lithium Inc. et al
  • Docket Number
    1:21-cv-04161
  • Court
    New York Eastern District Court
  • Free File
    Complaint

Allegations

According to the complaint, 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 allegedly failed to disclose to investors that:

(1) Piedmont has 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 does not have “strong local government support”;
(5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

Defendants

  • Company
    Piedmont Lithium Inc.
  • President
    Keith D. Phillips
  • Vice President
    Bruce Czachor
  • Chief Financial Officer
    Gregory Swan

Lawsuit progression

  • Docket Number
    1:21-cv-04161-
  • Court
    New York Eastern District Court

Lead Counsel

02/04/2022

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Robbins Geller Rudman & Dowd LLP
  • Lead Plaintiff
    Fund
  • Free File
    Order for lead

Amended Complaint

04/09/2022

This is a federal securities class action on behalf of purchasers of the publicly traded securities of Piedmont between June 14, 2018 and July 19, 2021, both dates inclusive.

  • Updated Class Period
    06/14/2018 to 07/19/2021
  • Free File
    Amended Complaint

    • Operative complaint

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Factual Timeline

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