NEW YORK, Dec. 18, 2020 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (NYSE: NAK) and certain of its officers. The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-06126, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Northern Dynasty securities from December 21, 2017 through November 25, 2020, both dates inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission.
If you are a shareholder who purchased Northern Dynasty securities during the Class Period, you have until February 2, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Northern Dynasty engages in the exploration of mineral properties in the U.S. Its principal mineral property is the Pebble copper-gold-molybdenum project comprising 2,402 mineral claims that cover an area of approximately 417 square miles located in southwest Alaska (the "Pebble Project").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company's business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors that: (i) the Company's Pebble Project was contrary to Clean Water Act guidelines and to the public interest; (ii) the Company planned that the Pebble Project would be larger in duration and scope than conveyed to the public; (iii) as a result, the Company's permit applications for the Pebble Project would be denied by the US Army Corps of Engineers ("USACE") and (iv) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On August 24, 2020, the U.S. Army released a statement concerning the Pebble Project, stating that it would result in "significant degradation of the environment and would likely result in significant adverse effects on the aquatic system or human environment." The U.S. Army further found that "the project, as currently proposed, cannot be permitted under section 404 of the Clean Water Act." The U.S. Army requested that the Company submit a mitigation plan in response to this finding.
On this news, Northern Dynasty's common share price fell $0.55 per share, or 37.9%, to close at $0.90 per share on August 24, 2020.
On September 21, 2020, the Environmental Investigation Agency released a recording between investigators and Company executives that demonstrated that Northern Dynasty, contrary to previous public statements, actually planned to build a mine that would last up to 180 years.
On November 25, 2020, Northern Dynasty reported that the USACE had rejected its permit applications related to the Pebble Project.
On this news, Northern Dynasty's common share price fell $0.40 per share, or 50%, to close at $0.40 per share on November 25, 2020, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP