Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Atlas Lithium Corporation (“Atlas Lithium” or the “Company”) (NASDAQ: ATLX) securities between March 25, 2022 and May 3, 2023, inclusive (the “Class Period”). Atlas Lithium investors have until August 1, 2023 to file a lead plaintiff motion.
If you suffered a loss on your Atlas 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/Atlas-Lithium-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On May 4, 2023, Bleecker Street Research published a report alleging, among other things, that Atlas Lithium “resembles many of the characteristics of a pump and dump”; that “Atlas Lithium’s CEO was previously associated with Hunter Wise Securities, a broker fined $105 million for claiming to sell physical gold that it didn’t have”; and that “[EF Hutton, a] similarly disastrous bank[,] handled ATLX’s most recent offering and uplisting in early January.”
On this news, Atlas Lithium’s stock price fell $12.95, or 43.3%, to close at $16.93 per share on May 4, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company overstated the success of its lithium mining and misrepresented the nature of its Brazilian mineral rights; (2) in connection with these misrepresentations, Atlas Lithium conducted deceptive promotions to artificially inflate the value of the Company’s stock; (3) the foregoing conduct was designed to allow CEO Fogassa and other Company insiders to sell shares back into the market for a profit before the true nature of Atlas Lithium’s business was revealed; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Atlas Lithium securities during the Class Period, you may move the Court no later than August 1, 2023 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.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.