NEW YORK, March 21, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (: SLI) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and indexed under 22-cv-00507, is 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 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Standard Lithium securities during the Class Period, you have until March 28, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Standard Lithium explores for, develops, and processes lithium brine properties in the U.S. The Company’s flagship project is the Lanxess project with approximately 150,000 acres of brine leases located in south-western Arkansas.
On May 19, 2020, Standard Lithium announced the successful start-up of the Company’s industrial-scale Direct Lithium Extraction Demonstration Plant at Lanxess’s South Plant facility in southern Arkansas (the “Demonstration Plant”), a purportedly “first-of-its-kind plant” using Standard Lithium’s proprietary LiSTR Direct Lithium Extraction (“LiSTR”) technology. According to the Company, one of the key features of the LiSTR technology was that it increased lithium recovery efficiencies to more than 90%.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the LiSTR technology’s extraction recovery efficiencies were overstated; (ii) accordingly, the Company’s final product lithium recovery percentage at the Demonstration Plant would not be as high as the Company had represented to investors; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 18, 2021, Blue Orca Capital published a short report (the “Blue Orca Report” or the “Report”) alleging that Standard Lithium’s claims of achieving of 90% extraction rates of battery grade lithium at its Arkansas demonstration site are not supported by previously undisclosed data filed by the Company with the state regulator, which indicated significantly lower recovery rates.
Following publication of the Blue Orca Report, Standard Lithium’s common share price fell $1.86 per share, or 18.84%, to close at $8.01 per share on November 18, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
