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Shareholder rights law firm Robbins LLP announces that a purchaser of Northern Dynasty Minerals Ltd. (NYSE American: NAK) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities & Exchange Act of 1934 between December 21, 2017 and November 25, 2020. 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 covers approximately 417 square miles in southwest Alaska.
If you suffered a loss due to Northern Dynasty Minerals Ltd.'s misconduct, click here.
Northern Dynasty (NAK) Misled Shareholders About Approval for Pebble Project
According to the complaint, at the outset of the relevant period, Northern Dynasty announced that it was submitting a permit application to the U.S. Army Corps of Engineers for the Pebble Project. During the relevant period, Northern Dynasty provided updates on the Pebble Project, including its reduction in size, years of operation, and operational safeguards. However, Northern Dynasty failed to disclose that the Pebble Project was contrary to Clean Water Act guidelines and public interest, and was to extend for a longer duration and scope than conveyed to the public, and therefore, the permit application would be denied. Indeed, on August 24, 2020, the U.S. Army announced that it would not permit the Pebble Project as proposed under the Clean Water Act because "it would likely result in significant adverse effects on the aquatic system or human environment." The U.S. Army asked the Company to submit a mitigation plan in response to its finding. On this news, Northern Dynasty's stock declined almost 38% to close at $0.90 per share. On November 24, 2020, Northern Dynasty reported that the U.S. Army Corps of Engineers had rejected its permit applications relating to the Pebble Project. On this news, Northern Dynasty's stock fell close to 50% to close at $.40 per share on November 25, 2020.
If you purchased Northern Dynasty Minerals Ltd. (NAK) securities between December 21, 2017 and November 25, 2020, you have until February 2, 2021, to ask the court to appoint you lead plaintiff for the class.
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