Today, Girard Sharp filed a class action lawsuit against Arcadium Lithium PLC (NYSE: ALTM) and current and former Arcadium and Livent executives on behalf of former Livent shareholders. These shareholders received Arcadium stock when Allkem and Livent merged and became subsidiaries of Arcadium in early 2024.
Plaintiffs allege that the offering materials issued to solicit the merger to Livent stockholders were materially false and misleading and omitted material facts required to be disclosed under governing SEC regulations. Specifically, Allkem failed to disclose a lawsuit that sought to halt construction on its lithium mine in Sal de Vida, Argentina. After the Argentine court ruled to effectively suspend the project in March 2024, Arcadium’s share price dropped over 66%.
Girard Sharp partner Adam Polk and associate Patrick Johnson head up this case, alongside co-counsel from Fine, Kaplan and Black, R.P.C. and Malmfeldt Law Group P.C.
The lawsuit is titled CHALASANI et al v. ARCADIUM LITHIUM PLC et al, Court of Common Pleas of Philadelphia County, Case ID 2409007024. A copy of the complaint can be found here.
