SAN FRANCISCO, Jan. 4, 2021 (GLOBE NEWSWIRE) – Hagens Berman calls on Northern Dynasty Minerals Ltd. (NYSE: NAK) Investors to file their losses now. A class action lawsuit for securities fraud is pending in the US District Court for the Eastern District of New York and certain investors may have valuable claims.
Northern Dynasty Minerals Ltd. class action lawsuit against securities fraud (NAK)::
The lawsuit alleges that Northern Dynasty and executives misled investors about the viability of the company’s proposed Pebble Project, a major mining project in Alaska.
Over the past few quarters, the Northern Dynasty has repeatedly touted its progress in obtaining the necessary approval for the Pebble Project. The company and senior management have repeatedly assured investors that the design of the Pebble project involved significantly reduced development efforts and significant new environmental protection measures and, as a result, would likely receive the necessary approvals from federal, state and local regulatory agencies.
Investors began to learn the truth through a series of partial disclosures that began on August 24, 2020 when the U.S. Army announced that the Pebble Project would cause significant environmental degradation, significant adverse effects on the water system or the human environment would and as suggested “Cannot be allowed.” This news caused Northern Dynasty stocks to fall.
On September 21, 2020, the Environmental Investigation Agency released records of conversations between Northern Dynasty executives and EIA investigators outlining the company’s plans to expand the Pebble Project’s mining operations from 20 to 180 to 200 years, and geographically to expand.
On November 25, 2020, the Northern Dynasty finally announced the US Army Corps. of Engineers turned down an application for approval of a Pebble project under the Clean Water Act, stating that the project was “not in the public interest”. This news caused the price of the northern dynasty to drop again.
“We are focusing on, among other things, investor losses and proving that Northern Dynasty and its senior management deliberately misled investors and manipulated the approval process in order to obtain personal compensation for it,” said Reed Kathrein, Hagens Berman’s lead partner in the investigation.
If you are a Northern Dynasty investor, click here to discuss your statutory rights with Hagens Berman.
Whistleblower: Individuals with non-public information about the Northern Dynasty should review their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844-916-0895 or send an email to [email protected]
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Reed Kathrein, 844-916-0895