Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating whether Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ: PLL), or its officers and directors, violated federal securities laws. If you purchased Piedmont securities and recently suffered a loss, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at 844-818-6982 or firstname.lastname@example.org for more information.
The investigation focuses on Piedmont’s public disclosures concerning its plan to build a large lithium mine in Gaston County, North Carolina.
Piedmont repeatedly assured investors it would be 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 agreeing to a start date 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.
Then, on July 20, 2021, Reuters published an article entitled, “In push to supply Tesla, Piedmont Lithium irks North Carolina neighbors.” The article reported that Piedmont “has not applied 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.” In addition, 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.
On this news, the price of Piedmont stock fell 19.9% to close at $50.52 on July 20, down from its previous close of $63.08.
What You Can Do
If you purchased Piedmont shares or securities, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at 844-818-6982, or at email@example.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.