NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against ASP Isotopes, Inc (“ASP Isotopes” or the “Company”) (NASDAQ: ASPI) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired ASP Isotopes securities between October 30, 2024 and November 26, 2024, both dates inclusive (the “Class Period”). Investors have until February 3, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On November 26, 2024, Fuzzy Panda Research published a report which alleged that ASP Isotopes is “using old, disregarded laser enrichment technology to masquerade as a new, cutting-edge Uranium enrichment.” The report quoted a former employee of Klydon (the company ASP Isotopes purchased its “proprietary” technology from) as stating scientists “did not think it would work on Uranium.” The report revealed a series of experts interviewed stated the Company’s reported cost estimates and timeline for building its HALEU uranium facilities was misleading to the point of being “delusional.” The report further alleged the Company had significantly overstated the significance of its agreement with TerraPower, which was only a “non-binding” memorandum of understanding entered into to “put pressure on [TerraPower’s] real suppliers.” The report quoted a former TerraPower executive as stating that ASP Isotopes was “missing the manufacturing; They are missing the processes as well; They still have to develop the HALEU…the most important part.” Finally, the report revealed that the Company’s subsidiary, Quantum Leap Energy, which operates its nuclear fuels segment and to which the Company assigned the TerraPower memoranda of understanding, was completely absent from its registered South African address. The report revealed there were “zero signs” of their presence and “security guards and neighboring business about them all told us they had never heard of the companies.”
On this news, the Company’s stock price fell $1.80 or 23.53%, to close at $5.85 per share on November 26, 2024, on unusually heavy trading volume. The stock continued to fall on the subsequent trading date, falling $0.83 or 14.19%, to close at $5.02 per share on November 27, 2024, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company overstated the potential effectiveness of its enrichment technology; (2) the Company overstated the development potential of its high assay low-enriched uranium facility; (3) the Company overstated the Company’s nuclear fuels operating segment results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired ASP Isotopes shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
