
Kewaunee Scientific Corporation (KEQU)
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Investigation
11/18/2021
Initial Lawsuit
01/27/2022
Lawsuit Progression
04/27/2022
Investors investigation following Blue Orca Capital’s ‘short’ thesis alleging unsupported claims of extraction rates of battery grade lithium at its Arkansas demonstration.
11/18/2021
Blue Orca Capital publishes a ‘short’ report alleging unsupported claims of extraction rates of battery grade lithium at its Arkansas demonstration, questioning the production of “large quantities” of lithium and quoting its German partner’s denial of “proof of concept.”
“Yet undisclosed to investors, production records filed by Standard Lithium with the Arkansas regulator indicate that actual recovery rates are far lower than projected by the Company, indicating that the Demonstration Plant is extracting far lower quantities of lithium than should be the case. The data also shows that recovery rates are getting substantially worse the more brine is processed, suggesting the pilot facility has negative scale . . .”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$8.01 | $9.87 | $-1.86 | -18.84% |
Plaintiff brings this securities class action on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Standard Lithium securities between May 19, 2020 and November 17, 2021, both dates inclusive.
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:
(i) the LiSTRtechnology’s extraction recovery efficiencies were overstated; (ii) accordingly, the Company’sfinal product lithium recovery percentage at the Demonstration Plant would not be as high as theCompany had represented to investors; and (iii) as a result, the Company’s public statements werematerially false and misleading at all relevant times.
04/27/2022
The court issued an order appointing the lead plaintiff and lead counsel.
06/29/2022
Operative complaint
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