NAK 13-DAY DEADLINE ALERT: Hagens Berman Alerts Northern Dynasty Minerals (NAK) Investors to February 2nd Application Deadline in Securities Fraud Lawsuit and Encourages Investors with Losses to Contact the Firm
SAN FRANCISCO, Jan. 20, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Northern Dynasty Minerals Ltd. (NYSE: NAK) investors to submit their losses now. A securities fraud class action is pending before the U.S. District Court for the Eastern District of New York and certain investors may have valuable claims.
Northern Dynasty Minerals Ltd. (NAK) Securities Fraud Class Action:
The lawsuit alleges Northern Dynasty and senior executives misled investors about the viability of the company’s proposed Pebble Project, a large mining project in Alaska.
In past quarters, Northern Dynasty repeatedly touted its progress in obtaining the necessary permitting for the Pebble Project. The company and senior management also repeatedly assured investors that the Pebble Project design included a substantially reduced development footprint and meaningful new environmental safeguards and, as a result, would likely receive necessary permits from federal, state and local regulatory agencies.
Investors began to learn the truth through a series of partial disclosures beginning on Aug. 24, 2020, when the U.S. Army announced the Pebble Project would significantly degrade the environment, result in significant adverse effects on the aquatic system or human environment, and as proposed “cannot be permitted.” This news sent the price of Northern Dynasty shares crashing lower.
On Sept. 21, 2020, the Environmental Investigation Agency released recordings of conversations between Northern Dynasty senior executives and EIA investigators revealing the company’s plans to expand the Pebble Project mine operations from 20 years to 180 – 200 years and to expand it geographically.
Finally, on Nov. 25, 2020, Northern Dynasty announced the U.S. Army Corps. of Engineers rejected its Pebble Project permit application under the Clean Water Act, finding the project “is not in the public interest.” This news drove the price of Northern Dynasty lower again.
“We’re focused on, among other things, investor losses and proving that Northern Dynasty and its senior management intentionally misled investors and manipulated the permitting process to achieve personal compensation for having done so,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Northern Dynasty investor, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Northern Dynasty should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
Published on : http://www.globenewswire.com/news-release/2021/01/20/2161680/0/en/NAK-13-DAY-DEADLINE-ALERT-Hagens-Berman-Alerts-Northern-Dynasty-Minerals-NAK-Investors-to-February-2nd-Application-Deadline-in-Securities-Fraud-Lawsuit-and-Encourages-Investors-wit.html