NEW YORK, NY / ACCESSWIRE / February 9, 2018 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Aqua Metals, Inc. ('Aqua Metals' or the 'Company') (NASDAQ: AQMS) of the February 13, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Aqua Metals stock or options between May 19, 2016 and November 9, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/AQMS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Aqua Metals securities between May 19, 2016 and November 9, 2017, inclusive (the 'Class Period'). The case, Heath v. Aqua Metals, Inc. et al., No. 3.17-cv-07196 was filed on December 19, 2017 and has been assigned to Judge Jon S. Tigar.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company was touting the business value of the Interstate Battery Partnership and the JCI Partnership; (2) the Company was aware of and ignoring material unresolved deficiencies in the technology and process preventing large scale development; (3) the Company was experiencing numerous execution and operational issues preventing scaling and production ramp up at its facility; (4) the Company was unable to produce and generate revenue from its core business, therefore remaining unprofitable; and (5) as a result of the foregoing, the Company statements about its business and operations were materially false and misleading at all relevant times.
Specifically, on May 9, 2017, during a conference call to discuss the Company's financial and operating result for the fiscal first quarter ended March 31, 2016, Aqua Metals' chief executive officer ('CEO'), Stephan R. Clarke described a long list of unresolved and/or partially resolved issues the Company was in fact facing.
Then, August 9, 2017, held a conference call to discuss the Company's financial and operating result for the second quarter ended June 30, 2017, during which Clarke disclosed another list of unresolved and/or partially resolved issues with the process.
Then, on October 23, 2017, Aqua Metals issued a press release providing update on its operations. The Company announced that four modules were in fact used to 'determine the optimal operating parameters' and that the Company was only producing 'small quantities' of lead.
Then, on November 9, 2017, after the market close, Aqua Metals issued a press release announcing the Company's financial and operating result for the fiscal third quarter ended September 30, 2017. For the quarter, the Company reported a net loss of $6.3 million, compared to a net loss of $3.5 million for the previous year's comparable quarter.
As a result of the events, Aqua Metals stock price fell significantly.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding the Company's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP