According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- FVAC had overstated its due diligence efforts and expertise with respect to identifying target companies to acquire;
- FVAC performed inadequate due diligence into legacy MP Materials prior to the business combination, or else ignored significant red flags regarding, inter alia, legacy MP Materials’ management, compliance policies, and Mountain Pass Rare Earth Mine and Processing Facility’s (“Mountain Pass”) profitability;
- as a result, the Company’s future business and financial prospects post-business combination were overstated;
- MP Materials engaged in an abusive transfer price manipulation scheme with a related party in the People’s Republic of China to artificially inflate the Company’s profits;
- MP Materials’ ore at Mountain Pass was not economically viable to harvest for rare earth metals; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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