Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against PureCycle Technologies, Inc. (PCT)
BENSALEM, Pa .– (BUSINESS WIRE) – Howard G. Smith’s law firms are reminding investors of the upcoming July 12, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors PureCycle Technologies, Inc. (“PureCycle” or bought the “company”). ) (NASDAQ: PCT) securities between November 16, 2020 and May 5, 2021 inclusive (the “Class Period”) and inclusive (the “Class Period”).
Investors suffering losses on their PureCycle investments are requested to contact the Howard G. Smith law firms to exercise their statutory rights in this class action at 888-638-4847 or email email@example.com to discuss.
On May 6, 2021, before the market opened, Hindenburg Research released a report claiming PureCycle was “another typical example of executives and SPAC sponsors getting rich while applying unproven technology and ridiculous financial projections to the Lift public markets and private investors face the ultimate consequences. Hindenburg said it spoke to “several former employees” at previous companies that the PureCycle CEO and other related executives had brought before PureCycle. and had deceived investors. The report also found that Hindenburg “couldn’t find a single peer-reviewed study in a journal that cited or reviewed the PureCycle licensed process,” and that Hindenburg had a “30-year polymer expert.” spoke, who “referred to the company’s flammable printing process as a ‘bomb’ and warned that despite problems on a laboratory scale, the company is advancing on a commercial scale.”
In that news, PureCycle’s share price fell $ 9.76, or 40%, to close at $ 14.83 on May 6, 2021, hurting investors.
The complaint filed alleges that during the entire classroom period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, operations and prospects of the company. In particular, Defendants have failed to advise investors that: (1) the management team that brought PureCycle public had previously publicized six other failed companies and subsequently imploded them; (2) The management team that brought PureCycle to the public had historically characterized rank speculation as financial forecasting for investors. (3) The main motivation for the management team to bring PureCycle to the public was to close every good or bad transaction to get tens of millions of dollars in cash and tradable stocks. (4) PureCycle faces more competition for high quality raw materials than investors would have suggested, significantly undermining the management team’s financial projections. (5) Nowhere is PureCycle’s patent as compelling or as valuable as investors have led it to believe, and the technology that underpins its business has not been proven and poses serious problems even on a laboratory scale. (6) In reality, PureCycle’s flammable printing process is not yet functional, especially on a scale, and dangerous. (7) PureCycle claims to be moving forward on a commercial scale, although operational issues still persist on a laboratory scale. and (8) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
If you purchased or otherwise acquired PureCycle securities during the class period, you may request the court no later than July 12, 2021 to request the court to appoint you as the lead plaintiff if you meet certain legal requirements. To be a member of the class action you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, of the law firms of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at firstname.lastname@example.org, or visit our website at www.howardsmithlaw .com.
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