The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (NYSE: SLI) securities between May 19, 2020 and November 17, 2021, inclusive (the “Class Period”). Standard Lithium investors have until March 28, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 18, 2021, before the market opened, Blue Orca Capital issued a research report alleging that Standard Lithium’s claims of 90% extraction rates of battery grade lithium at its Arkansas demonstration plant has no evidence to back it up. The report claimed that “undisclosed to investors, production data submitted by Standard Lithium to the Arkansas Oil & Gas Commission appears to show that the Demonstration Plant, which has been operating for 18 months, is barely achieving a fraction of this projected recovery rate,” and that the demonstration plant has only been achieving an average lithium recovery rate of 13%.
On this news, Standard Lithium stock fell $1.86, or 18.8%, to close at $8.01 per share on November 18, 2021, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) the LiSTR technology’s extraction recovery efficiencies were overstated; (2) 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 (3) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Standard Lithium securities during the Class Period, you may move the Court no later than March 28, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Standard Lithium securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005495/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
