NEW YORK, March 22, 2022 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a securities class action on behalf of investors who purchased or otherwise acquired common stock of MP Materials Corporation f/k/a Fortress Value Acquisition Corp. (“MP Materials” or “Company”) (NYSE: MP) from May 1, 2020 to February 2, 2022, inclusive (the "Class Period"). If you lost more than $300,000 in MP Materials, you should contact the Firm.
On February 3, 2022, short seller Bonitas Research published a report (the "Report") accusing the Company of executing an "abusive transfer price manipulation scheme" with a Chinese partner. Specifically, the Report alleged that since Q2 2021, MP and Shenghe Resources Holdings Co. ("Shenghe") "executed an abusive transfer price manipulation scheme whereby Shenghe overpaid for MP concentrates to artificially inflate MP's profits, [which] conveniently coincided with the SPAC insider lock-up expiration so that MP insiders could sell MP stock at artificially inflated prices." In addition, the Report cites a German academic study that concluded MP's ore at Mountain Pass is "not economically viable to harvest for rare earth metals while 12 of the other 13 well known rare earth mines outside of China are economically feasible" at current market prices. On this news, MP's stock price fell sharply during intraday trading on February 3, 2022.
The case was filed in the United States District Court for the District of Nevada, and docketed under 22-cv-00315.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than April 25, 2022. Any member of the proposed Class may serve as the Lead Plaintiff through counsel of their choice. You may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff by contacting our attorneys at investigations@lowey.com or at 914-733-7256.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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Lowey Dannenberg P.C.
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Tel: (914) 733-7256
Email: investigations@lowey.com
