MP Materials (MP) Alert: Should Management be Held Accountable for Shareholder Losses? Contact Johnson Fistel
News provided byJohnson Fistel, LLP
Apr 30, 2022, 11:52 AM ET
SAN DIEGO, April 30, 2022 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP is investigating potential claims on behalf of MP Materials Corp. f/k/a Fortress Value Acquisition Corp. (NYSE: MP, FVAC, FVAC WS, FVAC.U) against certain of its officers and directors.
Recently there was a class action filed against MP Materials. According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Fortress Value Acquisition Corp. (“FVAC”) had overstated its due diligence efforts and expertise with respect to identifying target companies to acquire; (2) FVAC performed inadequate due diligence into legacy MP Materials prior to the business combination, or else ignored significant red flags regarding, inter alia, legacy MP Materials’ management, compliance policies, and Mountain Pass Rare Earth Mine and Processing Facility’s (“Mountain Pass”) profitability; (3) as a result, the Company’s future business and financial prospects post-business combination were overstated; (4) MP Materials engaged in an abusive transfer price manipulation scheme with a related party in the People’s Republic of China to artificially inflate the Company’s profits; (5) MP Materials’ ore at Mountain Pass was not economically viable to harvest for rare earth metals; and (6) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you are a current, long-term shareholder of MP Materials holding shares before May 1, 2020, you may have standing to hold MP Materials harmless from the alleged harm caused by the Company's officers and directors by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
Click the link below to join this action.
If you are interested in learning more about the investigation, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471