Piedmont Lithium Inc. (PLL) Misled Investors Regarding its Timeliness in Obtaining Permits
According to a class action complaint filed on behalf of purchasers of Piedmont between March 16, 2018 and July 19, 2021, defendants touted its plan to mine in North Carolina and warned of the risks associated with the Company’s failure to obtain the necessary permits. In 2019, the Company informed investors it had submitted “key permit applications,” was in the process of “secur[ing] the necessary permits and approvals to commence mining and processing operations,” and “look[ed] forward to deliver a DFS for a fully permitted integrated project by the end of 2020.” However, by January 2021, the Company had not secured the proper permits to begin its project.
On July 20, 2021, Reuters published an article explaining that while the Company announced a deal to supply Tesla Inc. with lithium sourced from its deposits in North Carolina, it had done nothing to obtain state mining permits or zoning variance in Gaston County. The article also highlighted the deteriorating relationship between Piedmont and county leaders. On this news, Piedmont shares fell $12.56 per share, or nearly 20%, to close at $50.52 per share on July 20, 2021, damaging investors.
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