NEW YORK, June 20, 2021 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against PureCycle Technologies, Inc. (“PureCycle” or the “Company”) (NASDAQ: PCT) and reminds investors of the July 12, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in PureCycle stock or options between November 16, 2020 and May 5, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/PCT.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the technology PureCycle licensed from Procter & Gamble is not proven and presents serious issues even at lab scale; (2) the challenges posed by the availability and competition for the raw materials necessary to commercialize the licensed technology are significant; (3) PureCycle’s financial projections are baseless; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On this news, PureCycle’s stock price fell from its May 5, 2021 closing price of $24.59 per share to May 6, 2021 closing price of $14.83, trading intraday as low as $13.55 per share. This represents a one-day drop of approximately 40%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding PureCycle’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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