A securities class action has been filed in the USDC — S.D.N.Y. against ASP Isotopes Inc. (ASPI) (“ASP Isotopes” or the “Company”), on behalf of all those that purchased or otherwise acquired ASP Isotopes securities between October 30, 2024 and November 26, 2024, both dates inclusive (the “Class Period”).
ASP Isotopes is a development stage advanced materials company focused on the production, enrichment, and sale of isotopes. The Company purports to have multiple isotope enrichment plants currently under development in South Africa. The Company is engaged in the development of “quantum enrichment technology” which allegedly uses lasers to produce enriched isotopes, including Uranium-235. The Company purports to be in development of high-assay lowenriched uranium (“HALEU”) reactors to be fueled by Uranium-235 produced using its quantum enrichment technology. The Company touts that it its HALEU facilities could be deployed “for considerably lower capital costs, and in much less time, compared to the construction of an enrichment facility using a traditional centrifuge process.” The Company has two operating Case 1:24-cv-09253 Document 1 Filed 12/04/24 Page 2 of 33 2 segments: (i) nuclear fuels, and (ii) specialist isotopes and related services. The Company’s nuclear fuels operating segment is primarily operated through its Quantum Leap Energy subsidiary.
The claim arises on November 26, 2024, when market research firm Fuzzy Panda Research published a report which alleged that the Company is “using old, disregarded laser enrichment technology to masquerade as a new, cutting-edge Uranium enrichment.”
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:
(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, thereby harming investors.
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.
If you purchased ASP Isotopes securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information.”
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