- November 2, 2021
- Posted by: Mainframe Consulting
- Category: Business Wire
BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of MP Materials Corp. (“MP Materials” or the “Company”) (NYSE: MP) investors concerning the Company’s possible violations of the federal securities laws.
On October 26, 2021, Grizzly Research published a research report titled: “MP Materials: Rare Earth Shenanigans in the Chamath-Backed Company Will Likely Cost Investors Dearly.” Though the Company touts that it is the biggest rare earth producer in the Western world, making it the only logical competitor to Chinese producers, Grizzly Research claims that MP Materials is nothing more than a “smoke and mirror show.” It found that Shenghe, a related third party and significant shareholder, accounts for 99% of MP Materials’ revenue. Furthermore, the report traced that entity’s ownership back to the Chinese government.
On this news, the Company’s stock price fell $4.62, or 12%, to close at $33.48 per share on October 26, 2021, thereby injuring investors.
If you purchased MP Materials 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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Published at Tue, 02 Nov 2021 22:54:00 +0000