NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of PureCycle Technologies, Inc. (NASDAQ: PCT) resulting from allegations that PureCycle may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PureCycle securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2089.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: On May 6, 2021, market analyst Hindenburg Research released a report entitled “PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored By The Worst Of Wall Street[.]” The report stated that “PureCycle represents the worst qualities of the [special purpose acquisition company] SPAC boom; another quintessential example of how executives and SPAC sponsors enrich themselves while hoisting unproven technology and ridiculous financial projections onto the public markets, leaving retail investors to face the ultimate consequences.” The report also stated that “[w]e consulted with a 30-year expert on polymers, with a background in advanced plastics recycling. He told us the company’s patent is ‘indirect’, ‘vague’ and a ‘regurgitation of prior art[,]” and that “[o]ur expert also referred to the company’s flammable pressurized process as a ‘bomb[.]’” Further the report stated that Hindenburg Research connected with “multiple former employees” of earlier companies that “PureCycle’s Chairman/CEO and other associated executives” took public before PureCycle, “who said that PureCycle’s executives based their financial projections on ‘wild ass guessing’, brought companies public far too early, and had deceived investors.”
On this news, PureCycle’s share price fell sharply during intraday trading on May 6, 2021.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. 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 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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