Nov 28, 2023
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MP Materials Corp. Sued for Securities Law Violations; Investors Should Contact Block & Leviton for More Information
March 22, 2022 1:32 PM EDT | Source: Block & Leviton LLP
Boston, Massachusetts--(Newsfile Corp. - March 22, 2022) - Block & Leviton announces that a class action lawsuit has been filed against MP Materials Corp. (NYSE: MP) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/mp.
What is this all about?
On February 3, 2022, Bonitas Research issued a short report alleging "an abusive transfer price manipulation scheme" between MP Materials Corp., the owner and operator of the Mountain Pass mine in California, and Shenghe Resources Holdings Co., Ltd., a publicly traded Chinese state-owned refiner and producer of rare earth metals. Shenghe is a related party, and one of the investors that collectively purchased the Mountain Pass mine out of bankruptcy in 2017.
The Bonitas report alleges that since Q2 2021, Shenghe overpaid MP Materials for concentrates to artificially inflate MP Materials' profits, which coincided with the expiration of MP Materials' SPAC insider lockup period, and allowed MP insiders to sell shares at artificially high prices.
MP Materials Corp. went public via de-SPAC transaction in November of 2020.
Shares of MP Materials Corp. stock dropped more than 8% in premarket trading on February 3, 2022.
Who is eligible?
Anyone who purchased MP Materials Corp. stock between May 1, 2020 and February 2, 2022 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is April 25, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117679