Atlas Lithium Corp. (ATLX)
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Atlas Lithium Corp. (“Atlas Lithium” or the “Company”) (NASDAQ: ATLX) and certain of its officers, on behalf of all persons and entities that purchased or otherwise acquired Atlas Lithium securities between March 25, 2022 and May 3, 2023, (the “Class Period”). Such investors are encouraged to join this case.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The 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.
On May 4, 2023, Bleecker Street Research published a report entitled “Atlas Lithium: First Comes The Pump Now Here Comes the Dump” and on this news, Atlas Lithium’s stock price fell $12.95 per share, or 43.34%, to close at $16.93 per share on May 4, 2023.
A class action lawsuit has already been filed. You can review a copy of the Complaint, or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484.
If you suffered a loss in Atlas Lithium, you have until August 1, 2023, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.