Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Continues Its Investigation of Standard Lithium Ltd. (SLI) on Behalf of Investors
Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, continues its investigation on behalf of Standard Lithium Ltd. ("Standard Lithium" or the "Company") (NYSE: SLI) investors concerning the Company's possible violations of the federal securities laws.
If you suffered a loss on your Standard Lithium investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/standard-lithium-ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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.
Then, on November 18, after the market closed, tandard Lithium issued a response purporting to dispute the Blue Orca report. Among other things, the Company stated that "the only data reported to the AOGC, in compliance with the requirements of the AOGC, were those volumes of lithium chloride solution that were temporarily stored on Standard Lithium's site and these have no correlation with actual lithium recovery rates observed in the plant."
Then, on November 22, 2021, Blue Orca responded in a series of tweets, calling the Company's response "nonsense." It further stated that "[t]he AOGC permit, which any investor can review, plainly requires the reporting of output of lithium chloride and carbonate in a separate category 2(c) from the volumes stored onsite 2(e). The data we used 2(c) is plainly labelled as the output data." Moreover, regarding Standard Lithium's claim that the AOGC data does not include lithium chloride that has been produced and subsequently reinjected, Blue Orca stated that the "output volumes reported under 2(c) are clearly shown as being 'sent for reinjection.'" Blue Orca reiterated that the Company "claims to have reached 'proof of concept,'" but the potential joint venture partner "denies it has reached this milestone."
On this news, the Company's share price fell $0.85, or 9%, to close at $8.43 per share on November 22, 2021, thereby injuring investors further.
Whistleblower Notice: Persons with non-public information regarding Standard Lithium should consider their options to aid the investigation or take advantage of the SEC (News - Alert) Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM's attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times (News - Alert), Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.
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