Shareholder Alert: Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Securities Fraud Class Action Lawsuit Filed Against PureCycle Technologies, Inc. |
RADNOR, Pa., May 31, 2021 / PRNewswire / – The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of PureCycle Technologies, Inc. (NASDAQ: PCT) (“PureCycle”) for Roth CH Acquisition I Co. (“Roth Acquisition”). ) (NASDAQ: ROCH) that a class action lawsuit for securities fraud has been filed on behalf of those who bought or acquired PureCycle securities between November 16, 2020 and May 5, 2021including (the “Class Period”).
Deadline Reminder: Investors who have bought or acquired PureCycle securities during the lesson period, not later than July 12, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to email@example.com; or click https://www.ktmc.com/purecycle-technologies-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=purecycle
PureCycle markets cleaning recycling technology originally developed by The Procter & Gamble Company (“Procter & Gamble”) to convert waste polypropylene into resin with near-virgin properties. Roth Acquisition was organized as a special purpose vehicle (“SPAC”).
The lesson begins on November 16, 2020when PureCycle issued a press release announcing plans to merge with Roth Acquisition to become a publicly traded company. On March 18, 2021, PureCycle and Roth Acquisition announced that their prospective business combination has been completed after being approved by Roth Acquisition shareholders at a special meeting held on March 16PureCycle promoted the Procter & Gamble licensed technology throughout the class.
However, the truth was revealed before the markets opened May 6, 2021when analyst Hindenburg Research published a report on PureCycle entitled “PureCycle: The Latest ESG SPAC Charade With No Sales Sponsored By Worst Wall Street.” In the report, Hindenburg wrote, among other things, that: (1) Hindenburg “spoke to several former employees of” former PureCycle executive companies “who said PureCycle executives based their financial projections on” wild guess “companies far in the public brought up too early and had deceived investors “; (2) unlike most “leading plastics” companies [who] Publication of peer-reviewed studies detailing their progress in this area. “Hindenburg was” unable to locate a single peer-reviewed study in a trade journal quoting or reviewing the PureCycle licensed process “; (3)” several competitors and industry experts. . . stated that PureCycle faces fierce competition for high quality raw materials and challenged the company’s financial guidance “; and (4)” PureCycle represents the worst parts of the SPAC boom; Another case in point of executives and SPAC sponsors getting rich as they push unproven technology and ridiculous financial projections onto the public markets and face the final ramifications for retail investors. “Following this news, PureCycle’s share price fell from a May 5, 2021 Closing price from $ 24.59 per share to a May 6, 2021 Closing price from $ 14.83a one-day decrease of about 40%.
The complaint alleges that throughout the classroom, the defendants made false and / or misleading statements and / or failed to disclose that: (1) Procter & Gamble’s licensed PureCycle technology was undetectable and had serious problems even on a laboratory scale ; (2) The challenges arising from the availability and competition for the raw materials required to commercialize the licensed technology were significant. (3) PureCycle’s financial projections were unfounded. and (4) as a result, PureCycle’s public statements have been materially false and misleading at all relevant times.
PureCycle Investors can not later than July 12, 2021, attempt to be appointed lead class agent by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class action lawsuits in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and individual investors The United States and all over the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
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SOURCE Kessler Topaz Meltzer & Check, LLP