Toronto-listed uranium developer Global Atomic has been notified of a proposed class action lawsuit filed in the Ontario Superior Court of Justice against the company and its CEO, Stephen Roman.
The company has received a statement of claim filed on February 19, seeking an unspecified amount of damages for alleged misrepresentations in its public disclosure between November 10, 2023 and January 23, 2025.
The action has not yet been certified to proceed as a class action, and leave has not been sought under Section 138.8 of Ontario’s Securities Act. Global Atomic said it intends to “vigorously defend” the claim.
Separately, Toronto-based law firm Berger Montague (Canada) issued an investor alert in January, saying it was investigating the company and inviting shareholders to discuss potential claims.
Global Atomic has been advancing the Dasa uranium project in Niger and has previously indicated that it requires significant project financing to complete development.
According to Berger Montague, the investigation relates to disclosures made between November 10, 2023 and November 12, 2024 regarding potential financing from the US International Development Finance Corporation and Export Development Canada, which were said to be subject to various conditions and approvals.
The law firm alleges that certain pre-conditions and developments affecting the financing process were not disclosed, including geopolitical factors in Niger. It further noted that on January 23, 2025, Roman told the market the company remained confident of securing major funding in the first quarter of 2025, either through bank financing or a joint venture agreement, while targeting first yellowcake production in early 2026.