Oct 27, 2021 | Shareholder Investigations
MP MATERIALS SHAREHOLDER ALERT: Investors Of MP Materials With Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C. – Securities Class Action Investigation
Kehoe Law Firm, P.C. is investigating potential securities class action claims on behalf of investors of MP Materials Corp. (“MP Materials” or the “Company”) (NYSE: MP) to determine whether MP Materials engaged in securities fraud or other unlawful business practices.
Grizzly Research (“Grizzly”) recently published a research report which, among other things, stated that “[t]he [C]ompany was able to sell itself to investors touting the fact that MP [Materials] is the biggest rare earth producer in the western world, and the only feasible competitor to Chinese producers.”
“In reality, [Grizzly] believe[s] that this is nothing more than a smoke and mirrors show. [Grizzly] found that Shenghe, a related party that accounts for 99% of MP’s revenue, and a signicant shareholder, can be traced back to the Chinese central government.”
Grizzly also reported that “MP is the second iteration of the same mining venture (Molycorp) that previously ended in bankruptcy. However, Chamath and his friends were able to bring MP public again at a 300x valuation increase in only three years without significant business improvements.”
Grizzly reported that “MP’s mine generates nowhere near the economic essence needed to support the current valuation due to the fact that MP mostly mines less valuable rare earth, namely Cerium and Lanthanum. It does not participate in the favorable trend in rare earth prices the same way competitors do[,]” and “[t]he projections that MP puts forth seem completely unattainable, and the company needs to incur capital expenditures that might lead it back into bankruptcy.”
On this news, the stock of MP Materials dropped significantly, thereby injuring investors of MP Materials.
MP MATERIALS INVESTORS WHO HAVE SUFFERED LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO DISCUSS THE CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Oct 25, 2021 | Car Problems Car Complaints
Hyundai Motor America (“Hyundai”) Recalling Certain 2021 Elantra, Elantra HEV, Venue, Genesis GV80 & 2022 Genesis GV70 Vehicles
Safety Risk
In the event of a crash, the front driver-side and passenger-side seat belt pretensioners may explode upon deployment. An exploding seat belt pretensioner could project metal fragments into the vehicle, striking vehicle occupants and resulting in injury.
Defect
2021-2021 Hyundai Elantra
The subject vehicles include 282 model year 2021 Hyundai Elantra produced on March 8, 2021 through April 15, 2021 by Hyundai Motor Company (“HMC”) for sale in the U.S. market
2021-2021 Hyundai Elantra HEV
The subject vehicles include 41 model year 2021 Hyundai Elantra HEV vehicles produced on March 8, 2021 through March 15, 2021 by HMC for sale in the U.S. market.
2021-2021 Hyundai Venue
The subject vehicles include 208 model year 2021 Hyundai Venue vehicles produced on March 8, 2021 through March 22, 2021 by HMC for sale in the U.S. market.
2021-2021 Genesis GV80
The subject vehicles include 195 model year 2021 Genesis GV80 vehicles produced on March 9, 2021 through April 2, 2021 by HMC for sale in the U.S. market.
2022-2022 Genesis GV70
The subject vehicles include 252 model year GV70 vehicles produced on March 10, 2021 through June 17, 2021 by HMC for sale in the U.S. market.
Remedy
Dealers will replace the seat belt pretensioners, free of charge. Owner notification letters are expected to be mailed December 10, 2021. Owners may contact Hyundai customer service at 1-855-371-9460. Hyundai’s numbers for this recall are 211 and 009G. Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.nhtsa.gov.
Source: NHTSA.gov
VEHICLE OWNERS AND LESSEES AFFECTED BY AUTOMOTIVE DEFECTS OR SAFETY RECALLS ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., [email protected], FOR A FREE, NO-OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.
Oct 25, 2021 | Car Problems Car Complaints
Chrysler (FCA US, LLC) Recalling Certain 2021-2022 RAM 3500, 2500 Pickup Trucks & RAM 3500, 4500, and 5500 Cab Chassis Vehicles Equipped With Cummins 6.7L Turbo Diesel Engines
Safety Risk
An electrical short in the Solid State Intake Heater Grid Relay may cause a vehicle fire with the ignition on or off.
Defect
RAM 3500 (2021-2022) PICKUP TRUCKS – 39,324 AFFECTED VEHICLES
Some 2021-2022 Ram 3500 trucks equipped with the Cummins 6.7L Turbo Diesel engine can experience an engine compartment fire originating from the Solid State Intake Heater Grid Relay (“Relay”).
RAM 2500 (2021-2022) PICKUP TRUCKS – 67,597 AFFECTED VEHICLES
Some 2021-2022 RAM 2500 trucks equipped with the Cummins 6.7L Turbo Diesel engine can experience an engine compartment fire originating from the Relay.
RAM 3500 CAB CHASSIS (2021-2022) – 7,317 AFFECTED VEHICLES
Some 2021-2022 Ram 3500 Cab Chassis vehicles equipped with the Cummins 6.7L Turbo Diesel engine can experience an engine compartment fire originating from the Relay.
RAM 4500, RAM 5500 CAB CHASSIS (2021-2022) – 16,939 AFFECTED VEHICLES
Some 2021-2022 RAM 4500/5500 Cab Chassis vehicles equipped with the Cummins 6.7L Turbo Diesel engine can experience an engine compartment fire originating from the Relay.
Remedy
Owners of the subject vehicles are advised to park their vehicles outside and away from structures or other vehicles until the remedy has been performed. The remedy is currently under development. Owner notification letters are expected to be mailed December 3, 2021.
Owners may contact FCA US, LLC customer service at (800) 853-1403. FCA US, LLC’s number for this recall is Y76. Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at (888) 327-4236 (TTY 1-800-424-9153), or go to www.nhtsa.gov.
Source: NHTSA.gov
VEHICLE OWNERS AND LESSEES AFFECTED BY AUTOMOTIVE DEFECTS OR SAFETY RECALLS ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., [email protected], FOR A FREE, NO-OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.
Oct 22, 2021 | Car Problems Car Complaints
Safety Risk
Volvo Cars USA, LLC (“Volvo”) Recalling Certain 2001-2007 Volvo V70 and Volvo XC70 Vehicles. Driver’s Air Bag Inflator May Explode During Deployment, Due To Propellant Degradation Occurring After Long-Term Exposure To High Absolute Humidity, High Temperatures, And High Temperature Cycling.
In the event of a crash with a driver airbag activation where a rupture occurs the driver might be struck by fragments from the inflator potentially resulting in serious injury or death.
Defect
When exposed to high temperatures, moisture leaves the tablet and when cooled down is absorbed and accumulated on the tablets surface. This localization of moisture leads to volumetric changes of the tablets surface creating dust over time. Dust increases burn surface area and thereby burn rate. Higher burn rate can result in higher combustion chamber pressure and risk of inflator rupture. Deviation has been identified through component testing at the inflator manufacturer (ZF Group) and analysis of field return parts investigated together with the inflator manufacturer (ZF Group) and NHTSA. Volvo Cars investigations have identified an issue regarding the driver air bag. In the event of a crash where the driver airbag is activated, fragments of the inflator inside the air bag may, in certain cases, project out and in worst case strike you, potentially resulting in serious injury or death. Volvo Cars centrally has received and is aware of one rupture incident. That one rupture incident resulted in a fatality report related to this condition.
Remedy
To remedy the concern vehicles, Volvo Cars will replace the driver air bag at no charge to the customer.
Source: NHTSA.gov
See also “Volvo recalls another 195,000 vehicles for airbags after a death” and “VOLVO V70 AND XC70 AIRBAG RECALL AFTER INFLATOR EXPLODED.”
VEHICLE OWNERS AND LESSEES AFFECTED BY AUTOMOTIVE DEFECTS OR SAFETY RECALLS ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., [email protected], FOR A FREE, NO-OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.
Oct 21, 2021 | Whistleblower
On October 21, 2021, the Commodity Futures Trading Commission (“CFTC”) announced an award of nearly $200 million to a whistleblower whose specific, credible, and timely original information significantly contributed to an already open investigation and led to a successful enforcement action, as well as to the success of two related actions, by a U.S. federal regulator and a foreign regulator.
According to the order, the whistleblower’s information led the CFTC to important, direct evidence of wrongdoing. In order to qualify for an award, a whistleblower who significantly contributed to the success of an enforcement action must demonstrate that there is a “meaningful nexus” between the information provided and the CFTC’s ability to successfully complete its investigation, and to either obtain a settlement or prevail in a litigated proceeding. In this latest award, the CFTC determined that the whistleblower met this standard.
The whistleblower’s claim in connection with a third related action by a state regulator was denied, because the whistleblower’s information was never shared with the state regulator.
With this award, the CFTC has granted whistleblower awards associated with enforcement actions that have resulted in monetary sanctions totaling more than $3 billion.
The CFTC’s Whistleblower Program
The CFTC’s Whistleblower Program was created under Section 748 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The CFTC issues awards related not only to the agency’s enforcement actions, but also in connection with actions brought by other domestic or foreign regulators if certain conditions are met.
The Commodity Exchange Act (“CEA”) provides confidentiality protections for whistleblowers. Regardless of whether the CFTC grants an award, the CFTC will not disclose any information that could reasonably be expected to reveal a whistleblower’s identity, except in limited circumstances. Consistent with this confidentiality protection, the CFTC will not disclose the name of the enforcement action in which the whistleblower provided information or the exact dollar amount of the award granted.
Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected. All whistleblower awards are paid from the CFTC Customer Protection Fund, which was established by Congress, and is financed entirely through monetary sanctions paid to the CFTC by violators of the CEA. No money is taken or withheld from injured customers to fund the program.
How Does One Become Eligible For A Whistleblower Award?
The first step to becoming eligible for a whistleblower award is for an individual or group of individuals to submit a tip, complaint, or referral on a Form TCR that contains information about a potential violation of the CEA. Whistleblowers can be anyone, such as corporate insiders, market observers, investors, customers, and fraud victims. A whistleblower need not be a company insider. But entities cannot be eligible for awards themselves, and not every whistleblower will be eligible for an award.
Information provided by a whistleblower could lead the CFTC to open a new investigation, re-open a closed investigation, pursue a new line of inquiry in an ongoing investigation, or significantly contribute to the success of an enforcement action. This could result in a successful enforcement action or a Related Action, which could be brought by another governmental authority. Only those whistleblowers who submit information before the CFTC contacts them will be eligible for an award. In order for information to be voluntarily submitted, it must be submitted before the CFTC or certain other authorities request, inquire, or demand information from the whistleblower related to the original information being provided.
Individuals can submit a tip anonymously, with or without a lawyer’s help. Because the CFTC may need to contact a whistleblower for more information, individuals should provide some means of contact, such as an email address or telephone number. Likewise, there are detailed requirements for submitting an award application anonymously. If you have any questions about submitting anonymously, you are encouraged to contact the Whistleblower Office before you file.
Whether or not an individual submits anonymously, the CFTC is committed to protecting the identities of whistleblowers. The CFTC treats information learned during the course of an investigation—including the identity of sources—as non-public and confidential.
The exception to this policy is that in an administrative or court proceeding, the CFTC may be required to produce documents or other information which would reveal a whistleblower’s identity. Likewise, the CFTC may also provide the information provided by whistleblowers, subject to confidentiality requirements, to other government or regulatory entities.
CFTC Whistleblower Prerequisites & Eligibility Requirements
The Whistleblower Rules specify the prerequisites and eligibility requirements. The prerequisites include the following:
- Whistleblower information must be provided voluntarily, prior to a request, inquiry, or demand for information;
- The information must be original information not previously known to the CFTC, but if the whistleblower is the original source of the information, it would be deemed original information;
- The information must have led to a successful resolution of CFTC action or a Related Action;
- The whistleblower, upon CFTC staff’s request, must provide certain additional information;
- The whistleblower must have submitted an award application (Form WB-APP) in response to a Notice of Covered Action or a final judgment in a Related Action or both.
Source: CFTC.gov
