NEW YORK, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Li-Cycle, Corp. (“Li-Cycle” or the “Company”) (NYSE: LICY) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Li-Cycle securities between June 14, 2022 and October 23, 2023, both dates inclusive (the “Class Period”). Investors have until January 8, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On October 23, 2023, before the market opened, Li-Cycle announced that it would halt construction work on its Rochester Hub project pending a comprehensive review of the project including construction strategy, even though engineering and procurement for the project are largely complete. The Company disclosed it had recently experienced escalating construction costs and now expects the aggregate cost for the current scope of the project to exceed its previously disclosed guidance. On this news, Li-Cycle shares declined by $1.04, or approximately 45.81%, to close at $1.23 per share on October 23, 2023, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Companys Rochester Hub was experiencing escalating construction costs; (2) that these escalating construction costs exceeded the expected aggregate cost of the project; (3) that, as a result, the Company would be forced to temporarily halt construction and reevaluate the construction strategy for the Rochester Hub; and (4) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Li-Cycle shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
