US lead-acid battery-recycling start-up Aqua Metals has pledged to “vigorously” defend itself against allegations that it has been “misleading” investors about its technology.
Aqua Metals has previously declined to comment on class action complaints made towards the end of 2017— after the company admitted it was “significantly behind schedule” with production and was “retrofitting” equipment to tackle production problems.
However, in a report lodged with the Unites States Securities and Exchange Commission dated 5 January, Aqua Metals CEO Stephen Clarke denied that the “purported class action law suits have any merit”. He said the company “intends to vigorously defend the actions”.
Clarke said in the report: “Each of the complaints was filed by persons claiming to be stockholders of Aqua Metals and generally allege violations of the anti-fraud provisions of the federal securities laws based on the alleged issuance of false and misleading statements of material fact, and the alleged omission to state material facts necessary to make other statements made not misleading, between 19 May 2016 and 9 November 2017 with respect to Aqua Metals’ lead recycling operations. The complaints seek unspecified damages and plaintiffs’ attorneys’ fees and costs.”
Aqua Metals is seeking to commercialise a water-based recycling process and said last May that it was preparing for “explosive growth” in 2018.
