Investors with losses are encouraged to contact the firm before July 12, 2021; click here to submit trade information
LOS ANGELES, May 13, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of PureCycle Technologies, Inc. (NASDAQ: PCT) investors that acquired shares between November 16, 2020 and May 5, 2021. Investors have until July 12, 2021 to seek an active role in this litigation.
It is alleged in this complaint that PureCycle issued misleading and/or false statements and/or failed to disclose information pertinent to investors. PureCycle is the subject of a report released by Hindenburg Research on May 6, 2021, titled: “PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored By The Worst Of Wall Street.” According to this report, “PureCycle represents the worst qualities of the [special purpose acquisition company] SPAC boom; another quintessential example of how executives and SPAC sponsors enrich themselves while hoisting unproven technology and ridiculous financial projections onto the public markets, leaving retail investors to face the ultimate consequences.” Hindenburg’s report continues: “we consulted with a 30-year expert on polymers, with a background in advanced plastics recycling. He told us the company’s patent is ‘indirect’, ‘vague’ and a ‘regurgitation of prior art,” and that “our expert also referred to the company’s flammable pressurized process as a ‘bomb.’” It is also stated in this report that Hindenburg spoke to former employees “who said that PureCycle’s executives based their financial projections on ‘wild ass guessing’, brought companies public far too early, and had deceived investors.” On the same day, shares of PureCycle dropped by almost 40%, based on this news.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 12, 2021.
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The Portnoy Law Firm represents investors in pursuing arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.