Atlas Lithium Faces Shareholder Class Action Lawsuit: Johnson Fistel Encourages Investors to Seek Compensation for Alleged Wrongdoings (ATLX)
Johnson Fistel, LLP, a shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of Atlas Lithium Corporation (“Atlas Lithium” or the “Company”) (NASDAQ: ATLX) investors who acquired securities between March 25, 2022 and May 3, 2023, inclusive (the “Class Period”). If you are a shareholder who incurred losses during this period, you have until August 1, 2023, to move the court to become a lead plaintiff in this action.
Atlas Lithium Corporation operates as a mineral exploration and mining company in Brazil. It operates Minas Gerais Lithium Project, which consists of 57 mineral rights covering an area of 58,774 acres and located in northeastern Minas Gerais in Brazil; and Northeastern Brazil Lithium Project, which consists of 7 mineral rights covering an area of 16,266 acres, which is located in the States of Paraíba and Rio Grande do Norte in northeastern Brazil. It also owns 100% interests in various mining concessions for gold, diamond, and industrial sand; and early-stage projects and properties in other minerals, such as nickel, rare earths, graphite, and titanium; as well as participates in iron and quartzite projects. The company was formerly known as Brazil Minerals, Inc. and changed its name to Atlas Lithium Corporation in October 2022. Atlas Lithium Corporation is based in Belo Horizonte, Brazil.
This Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company overstated the success of its lithium mining and misrepresented the nature of its Brazilian mineral rights; (ii) in connection with these misrepresentations, Atlas Lithium conducted deceptive promotions to artificially inflate the value of the Company’s stock; (iii) 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 (iv) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
Johnson Fistel, LLP is a shareholder rights law firm representing individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information, visit their website http://www.johnsonfistel.com.
Johnson Fistel, LLP
Jim Baker, 619-814-4471