Did you lose money on investments in Atlas Lithium? If so, please visit Atlas Lithium Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, June 08, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Atlas Lithium Corporation (“Atlas Lithium” or the “Company”) (NASDAQ: ATLX) between March 25, 2022 and May 3, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
According to the Complaint, Atlas Lithium is a mineral exploration and development company with lithium projects and exploration properties in other critical and battery minerals, including nickel, rare earths, graphite, and titanium. The Company, formerly known as Brazil Minerals, Inc., was founded by its CEO Marc Fogassa and initially operated as a diamond and gold mine. In 2013, Brazil Minerals went public via a reverse merger that was underwritten by, among others, Hunter Wise Securities, LLC, of which Fogassa was a Managing Director at the time.
After generating just $1.4 million in revenue from 2013 to 2021, the Company pivoted its purported focus from diamonds to lithium and officially changed its name to Atlas Lithium in October 2022. In connection with this transition, Atlas Lithium issued press releases to highlight, inter alia, the Company’s purported success in lithium drilling and the nature of its mineral rights in Brazil.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Among other things, Defendants failed to disclose to investors that: (i) the Company overstated the success of its lithium mining and misrepresented the nature of its Brazilian mineral rights; and (ii) Atlas Lithium conducted deceptive promotions to artificially inflate the value of the Company’s stock.
On May 4, 2023, Bleecker Street Research published a report alleging that the Company had misrepresented the success of its lithium mining and the nature of its Brazilian mineral rights. On this news, Atlas Lithium’s stock price fell $12.95 per share, or 43.34%, to close at $16.93 per share on May 4, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than August 1, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Atlas Lithium securities, and/or would like to discuss your legal rights and options please visit Atlas Lithium Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
