Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Atlas Lithium investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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 Atlas 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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