Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against Aqua Metals, Inc. (“Aqua Metals” or “Company”) (NasdaqCM: AQMS) and several officers and directors for acts taken during the period of February 9, 2017 and November 9, 2017 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of Aqua Metals. If you are an affected Aqua Metals shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued false and/or misleading statements and/or failed to disclose the following: (i) Aqua Metals was touting the business value of the Interstate Battery Partnership and the JCI Partnership; (ii) Aqua Metals was aware of and ignoring material unresolved deficiencies in the AquaRefining technology and process preventing large scale development; (iii) Aqua Metals was experiencing numerous execution and operational issues preventing scaling and production ramp up at its facility; (iv) Aqua Metals was unable to produce and generate revenue from its core business, therefore, remaining unprofitable; and (v) as a result, Aqua Metals’ public statements were materially false and misleading at all relevant times.
On May 9, 2017, Aqua Metals advised investors that it had experienced “issues” and “challenges” in ramping up the AquaRefining recycling process, specifically stating that certain steps in the process took longer than planned to get up and running. On this news, Aqua Metals’ share price approximately 26%.
Then, after the market closed on August 9, 2017, Aqua Metals issued a press release revealing that it was currently in the process of scaling up AquaRefining operations to include 16 modules by the end of 2017.” That press release made no mention of “120 tons/day” as it did in its Q1 2017 press release. On this news, Aqua Metals’ share price fell approximately 23.6%.
On October 23, 2017, Aqua Metals issued a press release stating that “[f]our modules are assembled, commissioned and are being used to determine the optimal operating parameters, including electrolyte pH, lead concentration, operating temperature, electrolyte flow rate and free acid levels.” Aqua Metals also disclosed that it had only “produced small quantities of AquaRefined lead during the commissioning process” and that “under certain conditions, the operators would need to periodically assist the lead removal.” On this news, Aqua Metals’ share price fell almost 18%.
After the market closed on November 9, 2017, Aqua Metals issued a press release revealing that the Company “faced . . . many challenges as [it] worked to ramp up production.” On this news, Aqua Metals’ share price fell 2.1% and continued to decline on the following trading days, ultimately closing at $3.00 per share on November 14, 2017.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.