| COMPANY |
MP Materials Corp. |
| COURT |
United States District Court for the District of Nevada |
| CASE NUMBER |
22-cv-00315 |
| JUDGE |
The Honorable Cristina D. Silva |
| CLASS PERIOD |
May 1, 2020 - February 2, 2022 |
| SECURITY TYPE |
Securities |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired MP Materials Corp. (“MP Materials”) (NYSE: MP) f/k/a Fortress Value Acquisition Corp. (“FVAC”) (NYSE: FVAC; FVAC WS; FVAC.U) securities between May 1, 2020 and February 2, 2022, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) FVAC had overstated its due diligence efforts and expertise with respect to identifying target companies to acquire; (2) 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’s profitability; (3) as a result, MP Materials’ future business and financial prospects post-Business Combination were overstated; (4) MP Materials engaged in an abusive transfer price manipulation scheme with a related party in China to artificially inflate MP Materials’ profits; (5) MP Materials’ ore at Mountain Pass was not economically viable to harvest for rare earth metals; and (6) as a result, MP Materials’ public statements were materially false and misleading at all relevant times.
Current Status of Case:
Lead Plaintiff voluntarily dismissed the case on August 24, 2022. This case has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.