LOS ANGELES, Dec. 14, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Northern Dynasty Minerals, Ltd. ("Northern Dynasty" or the "Company") (NYSE: NAK) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on whether Northern Dynasty and certain of its directors and/or officers have engaged in securities fraud or other unlawful business practices.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On August 24, 2020, a statement was released from the U.S. Army Corps of Engineers concerning Northern Dynasty's proposed copper-gold-molybdenum mining project in southwest Alaska (the "Pebble Project"), which stated that the project would result in "significant degradation of the environment and would likely result in significant adverse effects on the aquatic system or human environment." Furthermore, it was found by The U.S. Army Corps of Engineers that "the project, as currently proposed, cannot be permitted under section 404 of the Clean Water Act." It was requested by The U.S. Army Corps of Engineers that Northern Dynasty submit a mitigation plan.
On August 24, 2020, Northern Dynasty's stock price fell $0.55 per share on this news, or 37.9%, to close at $0.90 per share.
Then, on September 21, 2020, a recording was released by the Environmental Investigation Agency ("EIA") of a conversation between EIA investigators and Northern Dynasty executives that demonstrated that contrary to previous public statements, Northern Dynasty actually envisioned that the Pebble Project would have a mine life of 180 to 200 years—significantly longer than Northern Dynasty had publicly represented. Finally, on November 25, 2020, Northern Dynasty reported that its permit applications related to the Pebble Project were rejected by the U.S. Army Corps of Engineers, which found that "Pebble's 'compensatory mitigation plan', as submitted earlier this month, to be 'non-compliant', and that the project is 'not in the public interest'".
Northern Dynasty's stock price fell $0.40 per share, or 50%, on this news, to close at $0.40 per share on November 25, 2020.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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