NEW YORK, Feb. 23 12, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been filed on behalf of shareholders of Standard Lithium Ltd. . (AMERICA: SLI), Shattuck Labs, Inc. (STTK), Electric Last Mile Solutions, Inc. (ELMS), and TAL Education Group (:TAL). Shareholders have until the deadlines below to ask the court to serve as lead plaintiff. Additional information on each case can be found at the link provided.
Standard Lithium Ltd. (AMERICA: SLI)
Course period: May 19, 2020 – November 17, 2021
Lead Applicant Deadline: March 28, 2022
Standard Lithium explores, develops and processes lithium brine properties in the United States. The Company’s flagship project is the Lanxess Project with approximately 150,000 acres of brine leases located in southwestern Arkansas.
On May 19, 2020, Standard Lithium announced the successful start-up of the company’s utility-scale lithium direct mining demonstration plant at the Lanxess South Plant in southern Arkansas (the ” Demonstration Plant”), a purported “first-of-its-kind plant” using Standard Lithium’s proprietary LiSTR Direct Lithium Extraction (“LiSTR”) technology. According to the Company, one of the key features of the LiSTR technology was that it increased lithium recovery efficiency to over 90%.
The Complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the extraction recovery efficiencies of LiSTR technology were overstated; (ii) as a result, the percentage of lithium recovery from the Company’s final product at the demonstration plant would not be as high as what the Company had represented to investors; and (iii) as a result, the Company’s public statements were materially false and misleading at all material times.
On November 18, 2021, Blue Orca Capital released a brief report (the “Blue Orca Report” or the “Report”) alleging that Standard Lithium’s claims of 90% extraction rates of battery-grade lithium on its Arkansas demo site is unsubstantiated. by previously undisclosed data filed by the Company with the state regulator, which showed significantly lower recovery rates.
Following the release of the Blue Orca report, Standard Lithium’s common stock price fell $1.86 per share, or 18.84%, to close at $8.01 per share on November 18, 2021.
For more information on the Standard Lithium survey, visit: https://bespc.com/cases/SLI
Shattuck Labs, Inc. (STTK)
Class Period: October 9, 2020 IPO; October 9, 2020 – November 9, 2021
Lead Applicant Deadline: April 1, 2022
According to the lawsuit, documents supporting the IPO and defendants throughout the class period made false and/or misleading statements and/or failed to disclose that: (1) the collaboration agreement with Takeda was not solid; (2) Takeda and Shattuck would “by mutual agreement” terminate the collaboration agreement in essentially one year; (3) as a result, Shattuck would cease to receive any future milestone payments, royalties or other payments from Takeda; and (4) as a result, defendants’ statements regarding the Company’s business, operations and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times. When the real details entered the market, the lawsuit claims investors suffered damages.
For more information on the Shattuck Labs class action, please visit: https://bespc.com/cases/STTK
Electric Last Mile Solutions, Inc. (ELMS)
Course period: March 31, 2021 – February 1, 2022
Lead Applicant Deadline: April 4, 2022
According to the lawsuit, the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) financial statements previously released by ELMS were false and unreliable; (2) the previous financial statements of ELMS would need to be restated; (3) certain officers and/or directors of ELMS have purchased shares of the Company at substantial discounts to their market value without obtaining an independent valuation; (4) on November 25, 2021 (Thanksgiving), the Board of Directors of the Company formed a special independent committee to conduct an investigation into certain sales of equity securities made by and to persons associated with the Company; and (5) as a result, defendants’ statements regarding its business, operations and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times. When the real details entered the market, the lawsuit claims investors suffered damages.
For more information on the Electric Last Mile class action, please visit: https://bespc.com/cases/ELMS
TAL Education Group (: TAL)
Course period: April 26, 2018 – July 22, 2021
Lead Applicant Deadline: April 5, 2022
TAL provides K-12 after school tutoring services in China.
The lawsuit alleges that the defendants made false and misleading statements and failed to disclose that: (i) TAL’s revenues and operational growth were the result of deceptive marketing tactics and illicit business practices that flouted laws, regulations and Chinese policies and put TAL at extreme risk of more drastic measures being imposed on TAL; (ii) TAL had engaged in deceptive and fraudulent advertising practices, including providing false and misleading discount information designed to obscure the true cost of TAL’s programs for its customers, creating false customer reviews designed to fraudulently attract new customers to TAL programs, misrepresent teacher qualifications and course grades, and market rigged promotional events; (iii) TAL had challenged Chinese policies aimed at easing the burden of tutoring services on students and their families, including imposing heavy advances and recurring debt repayments on course enrollees, by offering courses designed to give wealthy students unfair advantages, by holding classes outside authorized tutoring hours and tying for-profit classes to government-mandated education; (iv) as a result, TAL was subject to undisclosed tail risk of adverse enforcement action, regulatory fines and penalties, and the imposition of new rules and regulations adverse to TAL’s business and financial interests; and (v) therefore, TAL’s historic growth was not sustainable or the result of legitimate business tactics as depicted, and defendants’ positive statements about TAL’s business, operations and prospects were materially false and misleading. and lacked a reasonable factual basis.
From March 4, 2021 to March 11, 2021, China held its annual parliamentary meetings in “two sessions”. Media said attendees of the ongoing Two Sessions conference had proposed “tougher regulations” to curb the online education industry, such as regulations to improve the quality of teachers, limit scams fees, to reduce market “abuse” by big players like TAL, and to reduce the stress that for-profit tutoring companies had placed on students in China’s education system.
As news of the government’s focus on the after-school tutoring industry spread, the price of TAL ADS began to drop from $76.04 at market close on March 5, 2021 to $56.31 as of April 1, 2021, a decrease of 26%.
Then, on May 12, 2021, news reports revealed that the impending government crackdown on for-profit tutoring companies in China would be far more drastic and far-reaching than before. Sources said the planned rules would include measures such as banning on-campus tutoring classes, providing tutoring services during weekend hours and imposing company-wide fee caps. industry.
At this news, the price of TAL ADS fell by 13% over a two-day period.
Then, on June 1, 2021, Chinese regulators announced that they had fined 15 off-campus educational institutions, including TAL, for illegal activities such as false advertising and fraud. Among the violations committed by the 15 offenders are allegedly fabricating teacher qualifications, exaggerating the effects of training, and fabricating user reviews. Regulators gave examples of how TAL subsidiary Xueersi published fake parent user reviews in Beijing and Shanghai. The offending companies, including TAL, were hit with maximum penalties for their illegal business practices, totaling $5.73 million. Officials said the crackdown on the for-profit tutoring industry grew out of two-session parliamentary meetings earlier in the year and followed a flood of complaints against bad actors in the industry, including 155,000 complaints and reports for education and training services received by the authorities. in 2020 alone and over 47,000 complaints and similar reports received by authorities in the first quarter of 2021. In addition to the issues described above, TAL allegedly: (i) forced students to pay hefty advances and assume recurring debt payments in violation of Chinese law; (ii) offered courses that gave students unfair advantages in violation of Chinese government policies; (iii) engaged in illegal bait and switch tactics; (iv) misrepresentation of teachers’ qualifications and course qualities; (v) mishandled user data; and (vi) rigged promotional events to defraud consumers.
At this news, the price of TAL ADS fell by around 18% over a two-day period.
Finally, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making a profit, raising capital, or going public. This drastic measure effectively ended any potential growth of the for-profit tutoring industry in China.
On this news, the price of TAL ADS fell from $20.52 at market close on July 22, 2021, to just $4.40 at market close on July 26, 2021, a decline of almost 79%. .
For more information on the TAL class action, please visit: https://bespc.com/cases/TAL
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.