NEW YORK, Dec. 11, 2020
NEW YORK, Dec. 11, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (NYSE: NAK). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Northern Dynasty and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 24, 2020, the U.S. Army Corps of Engineers released a statement concerning Northern Dynasty's proposed copper-gold-molybdenum mining project in southwest Alaska (the "Pebble Project"), stating that the project 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 Corps of Engineers further found that "the project, as currently proposed, cannot be permitted under section 404 of the Clean Water Act." The U.S. Army Corps of Engineers requested that the Company submit a mitigation plan in response to this finding.
On this news, Northern Dynasty's stock price fell $0.55 per share, or 37.9%, to close at $0.90 per share on August 24, 2020.
Then, on September 21, 2020, the Environmental Investigation Agency ("EIA") released a recording of a conversation between EIA investigators and Company executives that demonstrated that Northern Dynasty, contrary to previous public statements, actually envisioned that the Pebble Project would have a mine life of 180 to 200 years—significantly longer than the Company had publicly represented. Finally, on November 25, 2020, Northern Dynasty reported that the U.S. Army Corps of Engineers had rejected its permit applications related to the Pebble Project, finding "Pebble's 'compensatory mitigation plan' as submitted earlier this month to be 'non-compliant', and that the project is 'not in the public interest'".
On this news, Northern Dynasty's stock price fell $0.40 per share, or 50%, to close at $0.40 per share on November 25, 2020.
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