The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Atlas Lithium Corporation (NASDAQ: ATLX) who purchased securities between March 25, 2022 and May 3, 2023. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the Atlas Lithium lawsuit alleges 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.
Shareholders have until August 1, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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