Grabar Law Office Investigates Claims on Behalf of Investors of ASP Isotopes Inc. (NASDAQ: ASPI) as Class Action Survives Motion to Dismiss

Grabar Law Office is investigating claims on behalf of shareholders of ASP Isotopes Inc. (“ASP Isotopes” or the “Company”) (NASDAQ: ASPI). The investigation concerns whether the Company and certain of its officers and directors violated the federal securities laws and breached their fiduciary duties by making materially false and misleading statements regarding the Company’s uranium enrichment technology and business prospects.

The Investigation

ASP Isotopes is a development-stage advanced materials company focused on natural isotope enrichment technologies intended for use in the medical, semiconductor, and nuclear energy industries. During the relevant period, the Company repeatedly promoted uranium enrichment—particularly the production of high-assay low-enriched uranium (“HALEU”)—as a central component of its business strategy and fundraising efforts.

On December 4, 2025, the United States District Court for the Southern District of New York denied in part defendants’ motion to dismiss and underlying securities fraud class action complaint against ASP Insotopes (NASADQ: ASPI) and certain of its officers - and allowed certain securities fraud claims to proceed.

According to that complaint, beginning in September 2024, the Company and its executives made statements to investors regarding ASP Isotopes’ ability to enrich uranium using proprietary technology. It is alleged that these statements were materially false and misleading because the Company had never tested its purported uranium enrichment technologies on uranium, whether at laboratory, pilot, or commercial scale.

Alleged Misrepresentations

The underlying securities fraud complaint alleges that defendants misled investors by representing that:

• ASP Isotopes possessed proprietary “Quantum Enrichment” (QE) and Aerodynamic Separation Process (ASP) technologies capable of enriching uranium and producing HALEU;
• The Company had achieved enrichment performance metrics comparable to or superior to existing enrichment technologies;
• ASP Isotopes had experience and operational capabilities relating to uranium enrichment; and
• The Company’s technology could be deployed commercially to produce enriched uranium.

In reality, according to the complaint, ASP Isotopes had never attempted to use its enrichment technologies on uranium, and therefore lacked empirical evidence demonstrating that its technologies could successfully enrich uranium or operate commercially.

Capital Raise Allegedly Fueled by Misleading Statements

The complaint further alleges that defendants used these misrepresentations to raise capital from investors.

In November 2024, ASP Isotopes completed a public offering in which it sold 2,754,250 shares of common stock at $6.75 per share, generating approximately $18.6 million in gross proceeds while the Company’s stock price was allegedly inflated by misleading statements about its uranium enrichment capabilities.

Corrective Disclosures and Stock Price Decline

On November 26, 2024, a report by Fuzzy Panda Research raised concerns about ASP Isotopes’ uranium enrichment technology and reported that the Company had never tested its enrichment processes on uranium.

The following day, the Company’s CEO acknowledged in an analyst interview that ASP Isotopes had not yet enriched uranium and would need regulatory approval before testing its processes on uranium.

After these disclosures, the Company’s stock price declined further.

Court Allows Securities Fraud Claims to Proceed

A related securities class action lawsuit was filed against ASP Isotopes and certain executives captioned Leone v. ASP Isotopes Inc., et al., No. 1:24-cv-09253-CM (S.D.N.Y.).

According to the complaint, on December 4, 2025, the United States District Court for the Southern District of New York denied in part defendants’ motion to dismiss and allowed certain securities fraud claims to proceed.

The court found that:

• Seven of the fifteen challenged statements were actionable, and
• The complaint adequately alleged scienter, finding a strong inference that defendants acted with the required state of mind for securities fraud.

The court also noted that uranium enrichment was central to ASP Isotopes’ business and viability, supporting the inference that company leadership knew key facts about the Company’s technological capabilities.

What You Can Do Now

If you purchased or otherwise acquired ASP Isotopes Inc. (NASDAQ: ASPI) securities prior to September 26, 2024 and still hold shares today, please contact Joshua H. Grabar at jgrabar@grabarlaw.com,  or call 267-507-6085.  You can seek corporate reforms, the return of funds back to the Company, and a court approved incentive award at no cost you whatsoever.