Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against PureCycle Technologies, Inc. (PCT)

Radnor, Pennsylvania – (Newsfile Corp. – June 14, 2021) – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors of PureCycle Technologies, Inc. (NASDAQ: PCT) (“PureCycle”) f / k / a 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 acquired or acquired PureCycle securities between November 16, 2020 and May 5, 2021, inclusive ( the “class period”).

Deadline Reminder: Investors who have purchased or acquired PureCycle Securities during the Class Period may apply no later than July 12, 2021 to be appointed as the Class Lead Prosecutor. For more information or information on 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; by email to [email protected]; or click on 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 restore waste polypropylene to resin with near-virgin properties. Roth Acquisition was organized as a Special Purpose Acquisition Company (“SPAC”).

The class action lawsuit begins on November 16, 2020 when 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 proposed business combination would be completed after approval by the shareholders of Roth Acquisition at a special meeting on March 16, 2021. Throughout the class action period, PureCycle promoted the technology from which it was licensed to Procter & Gamble.

However, the truth was revealed before the market opened on May 6, 2021 when analyst Hindenburg Research released a report on PureCycle entitled “PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored by the Worst of Wall Street.” In the report, Hindenburg wrote, among other things, that: (1) Hindenburg “spoke to several former employees of former” PureCycle executives “who said PureCycle executives based their financial projections on” wild guesses “of what companies were doing the public brought up too early and had deceived investors “; (2) unlike most of the” leading plastics companies ” [who] Publish peer-reviewed studies detailing their advances in this area, “Hindenburg was” unable to find a single peer-reviewed study in any scientific journal citing or reviewing PureCycle’s 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 qualities of the SPAC boom; Another typical example of executives and SPAC sponsors getting rich while they bring unproven technology and ridiculous financial projections to the public markets and retail investors face the ultimate consequences. “Following this news, PureCycle’s share price fell from a closing price on Jan. May 2021 2021 from $ 24.59 per share to a closing price on May 6.

The story goes on

The lawsuit alleges that throughout the collection period, defendants made false and / or misleading statements and / or failed to disclose: (1) The PureCycle technology licensed from Procter & Gamble was not proven and posed serious problems even on a laboratory scale dar; (2) the challenges of the availability and competition for the raw materials necessary to commercialize the licensed technology were significant; (3) PureCycle’s financial projections were unfounded; and (4) as a result, PureCycle’s public statements at all relevant times have been materially false and misleading.

PureCycle investors may apply no later than July 12, 2021 to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or they can choose to do nothing and remain an absent member of the group. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be appointed as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of the claims of other class plaintiffs and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you will be the lead plaintiff.

Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices to the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:

Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 König-von-Preußen-Strasse
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87319

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