ALERT: Standard Lithium Ltd. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - SLI
Robbins Geller Rudman & Dowd LLP announces that purchasers of Standard Lithium Ltd. (NYSE: SLI) securities between May 19, 2020 and November 17, 2021, inclusive (the "Class Period") have until March 28, 2022 to seek appointment as lead plaintiff in Gloster v. Standard Lithium Ltd., No. 22-cv-00507 (E.D.N.Y.). The Standard Lithium class action lawsuit charges Standard Lithium as well as certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the Standard Lithium class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Standard Lithium class action lawsuit must be filed with the court no later than March 28, 2022.
CASE ALLEGATIONS: Standard Lithium explores, develops, and processes lithium brine properties in the U.S., with its flagship project being the Lanxess project with approximately 150,000 acres of brine leases located in southwestern Arkansas. On May 19, 2020, Standard Lithium announced the successful start-up of Standard Lithium's industria-scale Direct Lithium Extraction Demonstration Plant at Lanxess' 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.
The Standard Lithium class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the LiSTR technology's extraction recovery efficiencies were overstated; (ii) accordingly, Standard Lithium's final product lithium recovery percentage at the Demonstration Plant would not be as high as Standard Lithium had represented to investors; and (iii) as a result, Standard Lithium's public statements were materially false and misleading at all relevant times.
On November 18, 2021, Blue Orca Capital published a short 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 Standard Lithium with the state regulator, which indicated significantly lower recovery rates. Following publication of the Blue Orca report, Standard Lithium's common share price fell by nearly 19%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Standard Lithium securities during the Class Period to seek appointment as lead plaintiff in the Standard Lithium class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Standard Lithium class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Standard Lithium class action lawsuit. An investor's ability to share in any potential future recovery of the Standard Lithium class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs' firm. Please visit http://www.rgrdlaw.com for more information.
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