ASP Isotopes Inc. (NASDAQ: ASPI) Securities Fraud Class Action

LEAD PLAINTIFF DEADLINE IS FEBRUARY 3, 2025.

If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.

Case Background:
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 also revealed that 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 that ASP Isotopes 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.” Moreover, 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 ASP isotopes’ 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, including that 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, ASP Isotopes’ 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 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 that: (1) ASP Isotopes overstated the potential effectiveness of its enrichment technology; (2) ASP Isotopes overstated the development potential of its high assay low-enriched uranium facility; (3) the company overstated ASP Isotopes’ nuclear fuels operating segment results; and (4) 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.
 

What is a Lead Plaintiff?

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.