SAN FRANCISCO, CA / ACCESSWIRE / November 19, 2020 / Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases, including important upcoming deadlines, can be found at the links provided.
Loop (NASDAQ:LOOP) Securities Fraud Class Action:
Class Period: Sept. 24, 2018 - Oct. 12, 2020
Lead Plaintiff Deadline: Dec. 14, 2020
Contact An Attorney Now: LOOP@hbsslaw.com
The complaint alleges that Loop made false and misleading statements about its purportedly "proven" technology that breaks down PET plastic to its base chemicals at a recovery rate of 100%. The complaint also alleges that Loop misrepresented its partnerships with key customers.
Specifically, the complaint alleges that Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop's purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop's announced partnerships with Indorama and Thyssenkrupp.
Investors allegedly began to learn the truth on Oct. 13, 2020, when Hindenburg Research published a report concluding "Loop is smoke and mirrors with no viable technology." Hindenburg reported that: (i) Loop's technology is no more efficient or cost effective than traditional PET recycling methods and its previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were "‘technically and industrially impossible;'" (ii) under pressure from CEO Daniel Solomita, Loop's scientists were tacitly encouraged to lie about the results of the Company's process internally; and (iii) the Indorama partnership has not even been finalized, and the Thyssenkrupp partnership is on indefinite hold.
Following Hindenburg's report, the price of Loop shares crashed on Oct. 13, 2020.
Most recently, on Oct. 16, 2020 Loop announced the SEC subpoenaed the Company seeking information regarding testing, testing results and details of results about its technologies, partnerships and agreements, sending the price of Loop shares crashing again.
If you are a Loop Industries investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Precigen, Inc. (NASDAQ:PGEN) Securities Fraud Class Action:
Class Period: May 10, 2017 - Sept. 25, 2020
Lead Plaintiff Deadline: Dec. 4, 2020
Contact An Attorney Now: PGEN@hbsslaw.com
The complaint alleges that Defendants misrepresented and concealed that: (1) the Company was using pure methane as feedstock for its announced yields for its methanotroph bioconversion ("MCB") platform instead of natural gas; (2) yields from natural gas as a feedstock were substantially lower than the announced pure methane yields; (3) due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock; (4) the Company's 1Q 2018 financial statements were false; (5) the Company had material weaknesses in its internal controls over financial reporting; and (6) the Company was under investigation by the SEC since October 2018.
Investors allegedly began to learn the truth through a series of disclosures beginning on Aug. 9, 2018, when the company announced that its 1Q 2018 financial results could no longer be relied on. In its restated 1Q 2018 results, the company made significant changes to deferred revenue, collaboration and licensing revenues and accumulated deficit, as well as admitted to material weaknesses in its internal controls over financial reporting.
Then, on Mar. 2, 2020, the company disclosed it received a subpoena in Oct. 2018 from the SEC concerning Precigen's MCB-related disclosures.
Finally, on Sept. 25, 2020, the SEC issued a cease and desist order involving "inaccurate reports concerning the company's purported success converting relatively inexpensive natural gas into more expensive industrial chemicals using a proprietary [MCB] program."
If you are a Precigen investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Interface, Inc. (NASDAQ:TILE) Securities Class Action:
Class Period: Mar. 2, 2018 - Sept. 28, 2020
Lead Plaintiff Deadline: Jan. 11, 2021
Contact An Attorney Now: TILE@hbsslaw.com
The lawsuit centers on Interface's disclosures of its financial results, including its accounting for certain expenses such as management bonus accruals, independent consultant fees and stock-based compensation.
According to the complaint, Interface and senior management repeatedly pleased investors when it reported income and earnings per share growth, consistently meeting or exceeding analysts' estimates and assured them that the Company's internal controls over financial reporting were effective.
Investors began to learn the truth, according to the complaint, on Apr. 24, 2019 when Interface announced that the SEC had served three separate subpoenas on the Company probing its earnings per share calculations from 2014 - 2017. The Company also announced that it had placed its Chief Accounting Officer Gregory Bauer on administrative leave when it learned Bauer added notes to materials produced to the SEC. Yet, the Company and senior management maintained they had cooperated with the SEC investigation since its inception.
Then, on Sept. 28, 2020, the SEC filed a settled action against the Company for securities law violations, finding that (1) during Q2 2015 through Q2 2016 Interface made unsupported manual accounting adjustments to certain expenses to meet EPS estimates, (2) Bauer, and former Chief Financial Officer (Patrick Lynch) directed the unsupported entries, and (3) Interface impeded the SEC's investigation.
These disclosures drove the price of Interface shares down sharply.
If you are an Interface investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Loop Industries, Precigen, and/or Interface should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LOOP@hbsslaw.com, PGEN@hbsslaw.com and/or TILE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
SOURCE: Hagens Berman Sobol Shapiro LLP
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