The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of investors who purchased MP Materials Corp. f/k/a Fortress Value Acquisition Corp. (NYSE: MP) securities between May 1, 2020 and February 2, 2022.
According to the MP Materials lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Fortress Value Acquisition Corp. (“FVAC”) had overstated its due diligence efforts and expertise with respect to identifying target companies to acquire; (ii) 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’s profitability; (iii) as a result, the Company’s future business and financial prospects post-business combination were overstated; (iv) 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; (v) MP Materials’ ore at the Mountain Pass Rare Earth Mine and Processing Facility was not economically viable to harvest for rare earth metals; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in MP Materials you have until April 25, 2022 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.
To receive more information, please fill out the form.