Federman & Sherwood announces that on May 11, 2021, a securities class action lawsuit was filed in the United States District Court for the Middle District of Florida against Purecycle Technologies, Inc. (“Purecycle”) (NASDAQ: PCT). The complaint alleges violations of federal securities laws, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price from November 16, 2020 through May 5, 2021 (the “Class Period”). Specifically, the complaint alleges that Purecycle failed to disclose that its patented recycling process, licensed by Procter & Gamble, has not been proven and was experiencing “serious issues even at lab scale.” Purecycle also failed to disclose that there are significant challenges with the “availability and completion for the raw materials necessary to commercialize the licensed technology.” Finally, the complaint alleges that the company’s financial projections were unfounded and materially misleading.
To learn how to participate in this action, please visit https://www.federmanlaw.com/blog/federman-sherwood-announces-the-filing-of-a-securities-class-action-lawsuit-against-purecycle-technologies-inc/
The lawsuit seeks to recover damages on behalf of all Purecycle Technologies, Inc. investors who purchased common stock during the Class Period. You may move the Court no later than July 5, 2021 to serve as a lead plaintiff for the entire Class.
If you wish to obtain further information and participate in this litigation, or should you have any questions regarding this notice or preservation of your rights, please contact: Priscilla Scoggins at pms@federmanlaw.com or visit the firm’s website at www.federmanlaw.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210512006029/en/
Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Purecycle Technologies, Inc.
Contacts
Priscilla Scoggins
pms@federmanlaw.com
