NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Loop Industries, Inc. (NASDAQ: LOOP) resulting from allegations that Loop may have issued materially misleading business information to the investing public.
On October 13, 2020, the investment analyst Hindenburg Research issued a report on the Company entitled “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show[.]” The Hindenburg report alleged that, among other things, “[a] former Loop employee told us that Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally. We have obtained internal documents and photographs to support their claims.” Further, the Hindenburg report alleged that “[a]ccording to a former employee, Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible[.]’” Finally, the Hindenburg report stated that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”
On this news, shares of Loop fell sharply during intraday trading on October 13, 2020.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Loop’s investors. If you purchased shares of Loop, please visit the firm’s website at http://www.rosenlegal.com/cases-register-1969.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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