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Radnor, Pennsylvania, May 31, 2021 /PRNewswire/ – The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors to pay attention to PureCycle Technologies, Inc. (NASDAQ:PCT) (“PureCycle”) f/k/a Roth CH Acquisition I Co. (“Roth Acquisition”) (NASDAQ:Roxy) Has filed a securities fraud class action on behalf of a person who purchased or obtained PureCycle securities between November 16, 2020 with May 5, 2021, Included (“Class Hours”).
Deadline reminder: Investors buying or acquiring PureCycle securities Yes during class, Not later than July 12, 2021, Seeking to be appointed as the chief plaintiff representative of the collective For more information or to learn how to participate in this 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; Via e-mail 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 Procter & Gamble Company (“Procter & Gamble”) to restore waste polypropylene to resins with near-original properties. Roth Acquisition is a special purpose acquisition company (“SPAC”).
Class time starts at November 16, 2020, When PureCycle issued a press release announcing plans to become a public company through the merger with Roth Acquisition.on March 18, 2021, PureCycle and Roth Acquisition announced that their anticipated business combination has been completed after the shareholders of Roth Acquisition approved at a special meeting held in 2019 March 16, 2021. Throughout the course, PureCycle touted its technology licensed from Procter & Gamble.
However, the truth was revealed before the market opened May 6, 2021, When the analyst Hindenburg Research released a report on PureCycle, titled “PureCycle: The latest zero-income ESG SPAC Charade, sponsored by the worst company on Wall Street.” In the report, Hindenburg wrote, among other things: (1) Hindenburg “talked to a number of former employees of “PureCycle executives’ former company”. They said that PureCycle executives were based on “crazy guessing” financial forecasts. It’s too early to make the company public and deceive investors”; (2) Different from most “leading plastic companies” [who] Publish peer-reviewed studies detailing their progress in the field, “Hindenburg “cannot find a single peer-reviewed study that cite or review the PureCycle licensing process in any academic journal”; (3) “multiple competitors and industries expert. .. 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 in the SPAC boom; this is how executives and SPAC sponsors Unproven technology and absurd financial forecasts are another typical example of enriching themselves while pushing them to the open market, leaving retail investors facing the final consequences. After the news came out, PureCycle’s stock price changed from May 5, 2021 Closing price USD 24.59 Per share to May 6, 2021 Closing price 14.83 USD, A single-day drop of about 40%.
The complaint alleges that during the entire class action, the defendant made false and/or misleading statements and/or failed to disclose: (1) The PureCycle technology licensed by Procter & Gamble was unproven, and there were serious problems even at the laboratory scale; ( 2) The availability of raw materials required for the commercialization of licensed technology and the challenges brought by competition are huge; (3) PureCycle’s financial forecasts are baseless; (4) Therefore, PureCycle’s public statements are materially false and false at all relevant times. Misleading.
Pure loop Investors may, Not later than July 12, 2021, Seek to be appointed as the chief plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other lawyers, or can choose to do nothing and continue to be absent from class members. The lead plaintiff is the representative party who directs the litigation on behalf of all class members. In order to be appointed as the lead plaintiff, the court must determine that the claim of a class member is a typical representative 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 to serve as the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP is suing class actions involving securities fraud, breach of fiduciary duties, 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 behind corporate governance reforms and has recovered billions of dollars on behalf of institutional and individual investors United States And all over the world. The company represents investors, consumers, and whistleblowers (private citizens who report fraud against the government and share the recovery of government funds). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP.For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
contact:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP
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