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May 14, 2021, GLOBE NEWSWIRE, PA (GLOBE NEWSWIRE)-Kessler Topaz Meltzer & Check (LLP) Law Firm announced that a class action lawsuit against securities fraud has been filed in Florida, USA Filed by the Central District Court, PureCycle Technologies, Inc. (NASDAQ:PCT) (“PureCycle”) f / k / a Roth CH Acquisition I Co. (“Roth Acquisition”) (NASDAQ:Roche) On behalf of the person buying or purchasing PureCycle securities Between November 16, 2020 and May 5, 2021(Inclusive) (“During Class”).
Deadline reminder: Investors who purchase or purchase PureCycle securities During class, No later than July 12, 2021, Seeking to be appointed as the chief plaintiff representative of this category. For more information or to learn how to participate in the lawsuit, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; Toll free (844) 887-9500; Send by email to info@ktmc.com; or Click on https://www.ktmc.com/purecycle-technologies-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=purecycle
PureCycle commercializes the purification recycling technology originally developed by The Procter & Gamble Company (hereinafter referred to as “Procter & Gamble”) to restore waste polypropylene to a resin with nearly pure properties. The Ross Acquisition is a special purpose acquisition company (“SPAC”).
Classes began 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 at a special meeting to be held on March 16, 2021, Roth Acquisition’s shareholders approved their expected business combination. Procter & Gamble.
However, the truth was revealed before the market opened on May 6, 2021, when analyst Hindenburg Research published on PureCycle titled “PureCycle: The Latest Zero Income ESG SPAC Charade, by Wall Street’s Worst Sponsor” Report.In the report, Hindenburg wrote: (1) Hindenburg “conversed with “a number of former employees of the former company of PureCycle executives”. The latter said that PureCycle executives’ financial forecasts were based on “wild ass guesses”. The company’s vision is too early and deceived investors”; (2) Unlike most “leading plastic companies” [who] Published detailed peer-reviewed studies to detail their progress in the field, “Hindenburg “cannot find any citations or comments on PureCycle’s peer-reviewed research in any academic journals”; (3) “Many competitors and Industry experts. . . Explain that PureCycle is facing fierce competition for high-quality raw materials and questioned the company’s financial forecast”; and (4) “PureCycle represents the worst quality during the SPAC boom; how executives and SPAC promoters are in the public market Another typical example of how to improve unproven technology and absurd financial forecasts can make retail investors face the ultimate consequences while enriching themselves. The share price is 24.59 US dollars, and the closing price on May 6, 2021 is 14.83 US dollars, a decline of about 40% in one day.
The complaint claims that during the entire class, the defendant made false and/or misleading statements and/or failed to disclose the following information: (1) The PureCycle technology licensed by P&G has not been verified, and there are serious problems even at the laboratory scale (2) The availability of raw materials necessary for commercial licensing of technology and the challenges brought by competition are huge; (3) PureCycle’s financial forecast is unfounded; (4) As a result, PureCycle’s public statements are in all relevant The timing is false and misleading.
PureCycle investors may No later than July 12, 2021, Seeking to be appointed as the chief plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other consultants, or may choose not to do anything and remain absent. The lead plaintiff is the representative of the class members who represent all litigations in the litigation. In order to be appointed as the main plaintiff, the court must determine that the claims of the class member are typical of the claims of other class members, and that the class member will fully represent the class. Your ability to share any recovery is not affected by the decision whether or not to act as the main plaintiff.
Attorney Kessler Topaz Meltzer & Check is suing class actions involving securities fraud, breach of fiduciary duty, and other violations of state and federal laws in state and federal courts across the country. Kessler Topaz Meltzer & Check, LLP is the driving force of corporate governance reform and has recovered billions of dollars on behalf of institutional investors and individual investors in the United States and around the world. The company represents investors, consumers and whistleblowers (private citizens who report fraud against the government and share the recovery of government funds). Kessler Topaz Meltzer & Check, LLP did not file a lawsuit.For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
contact:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr.
Adrienne Bell, Esq.
280 Prussian Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
info@ktmc.com
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