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Standard Lithium Ltd.

Class Action
  • Active
Investigation
11/18/2021
Initial Lawsuit
01/27/2022
Lawsuit Progression
04/27/2022

Investigation

Investors investigation following Blue Orca Capital’s ‘short’ thesis alleging unsupported claims of extraction rates of battery grade lithium at its Arkansas demonstration.

  • Investigation Date
    11/18/2021
  • Hypothetical Affected Period
    May 19, 2020 to November 17, 2021
  • Hypothetical Transgression
    Securities Violation
Main Event

Short Report

11/18/2021

Research Report (Short)

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 . . .”

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
$8.01 $9.87 $-1.86 -18.84%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 01/27/2022

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.

  • Filing Date
    01/27/2022
  • Class Period
    05/19/2020 to 11/17/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Pomerantz LLP
  • Case Title
    Gloster v. Standard Lithium Ltd. et al
  • Docket Number
    1:22-cv-00507
  • 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:

(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.

Defendants

  • Company
    Standard Lithium
  • Chief Executive Officer
    Robert Mintak
  • Chief Financial Officer
    Kara Norman

Lawsuit progression

  • Docket Number
    1:22-cv-00507
  • Court
    New York Eastern District Court

Lead Counsel

04/27/2022

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

Amended Complaint

06/29/2022

    Operative complaint

Factual Timeline

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