NEW YORK, NY / ACCESSWIRE / September 27, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Piedmont Lithium Inc. ("Piedmont Lithium" or the "Company") (NASDAQ:PLL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Piedmont Lithium and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 12, 2024, Macquarie downgraded Piedmont Lithium to Neutral from Outperform, citing concerns over the Company's cash generation capabilities and financial commitments. Specifically, Macquarie concluded that the Company's North American Lithium operation is challenged due to high production costs and low realized lithium prices, placing its only cash generation source at risk.
Following the downgrade, Piedmont Lithium's stock price fell $0.96 per share, or 11.57%, to close at $7.34 per share on August 12, 2024.
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SOURCE: Pomerantz LLP