A shareholder class action lawsuit has been filed against PureCycle Technologies, Inc. (NASDAQ: PCT) on behalf of investors who purchased shares of the Company’s stock between November 16, 2020 and May 5, 2021, inclusive (the “Class Period”).
According to the complaint, on May 6, 2021, Hindenburg Research issued a scathing report concerning PureCycle. In its report, Hindenburg wrote that “PureCycle represents the worst qualities of the 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 explained that it spoke with “multiple former employees” of earlier companies that PureCycle’s CEO and other associated executives took public before PureCycle, “who said that PureCycle’s executives based their financial projections on ‘wild ass guessing,’ brought companies public far too early, and had deceived investors.”
Following this news, shares of the Company’s stock declined $9.76 per share, or nearly 40% in value, to close on May 6, 2021 at $14.83 per share, on heavy trading volume.
IMPORTANT DEADLINE: Investors who purchased PureCycle’s securities during the Class Period may, no later than July 12, 2021, seek to be appointed as a lead plaintiff representative in the action.
PureCycle investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, for additional information about the opportunity to actively participate in the action as a lead plaintiff representative.