NEW YORK, NY / ACCESSWIRE / December 16, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Ramaco Resources, Inc. ("Ramaco" or the "Company") (NASDAQ:METC). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Ramaco and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 11, 2023, Wolfpack Research published a report on the Company entitled "METC: Pumping and Dumping Nearly Worthless Dirt" (the "Wolfpack Report"). Noting that the Company's stock price "recently soared following a Wall Street Journal article that hyped its Brook Mine as a potential source of up to $37 billion in rare earth elements", the Wolfpack Report that "[t]here is no way to profitably mine them" and estimated that the Company "would lose ~$88 billion if they were ever able to extract, process and sell $37 billion of REEs from the Brook Mine." The Wolfpack Report asserted that Ramaco "has likely performed" extractability tests and "is sitting on disappointing results."
Further, the Wolfpack Report noted that "Yorktown Partners, a PE fund that specializes in energy and mining and knows Brook Mine and the management team better than anyone, has sold ~12% of its holdings since November" and that "[o]verall, insiders have dumped $96.3 million in stock since the start of November."
On this news, Ramaco's stock price fell $0.60 per share, or 3.58%, to close at $16.18 per share on December 11, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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