MP Materials Corp.
|Company Name||MP Materials Corp.|
On October 26, 2021, Grizzly Research published a research report titled: "MP Materials: Rare Earth Shenanigans in the Chamath-Backed Company Will Likely Cost Investors Dearly." Though the Company touts that it is the biggest rare earth producer in the Western world, making it the only logical competitor to Chinese producers, Grizzly Research claims that MP Materials is nothing more than a "smoke and mirror show." It found that Shenghe, a related third party and significant shareholder, accounts for 99% of MP Materials' revenue. Furthermore, the report traced that entity's ownership back to the Chinese government.
On this news, the Company’s stock price fell $4.62, or 12%, to close at $33.48 per share on October 26, 2021, thereby injuring investors.
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