LICY Stock News: Robbins LLP Investigates Li-Cycle Holdings Corp. (LICY) f/k/a Peridot Acquisition Corp. (PDAC) on Behalf of Shareholders

SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating Li-Cycle Holdings Corp. (NYSE: LICY) and its officers and directors to determine whether they breached their fiduciary duties and violated securities laws. Li-Cycle purports to be an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America.

If you would like more information about our investigation of Li-Cycle Holdings Corp.'s misconduct, click here.

What is this Case About: According to a complaint filed against Li-Cycle, defendants touted Li-Cycle's patented technology and noted that the merger with Peridot Acquisition Corp. would enable Li-Cycle "to fully fund its planned global expansion." However, defendants failed to disclose that Li-Cycle's largest customer was merely a broker providing working capital financial to the Company while trying to sell the product to end customers. Further, Li-Cycle engaged in questionable related party transactions. With regard to accounting, the Company gave a false impression of growth, reported revenues derived by marking up receivables on unsold products, and concealed that the Company would need an additional $1 billion to support planned growth.

The truth came to light on March 24, 2022, when market researcher Blue Orca Capital released a report describing the Company as "a near fatal combination of stock promotion, laughable governance, a broker business hemorrhaging cash, and highly questionable Ernon-like accounting" and detailing the Company's failings. On this news, Li-Cycle's shares fell approximately 5.6%, to close at $7.93 per share on March 24, 2022.

Next Steps: If you acquired shares of Li-Cycle Holdings Corp. (LICY) between February 16, 2021 and March 23, 2022, you have legal options. Contact us for more information about your rights.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:
Aaron Dumas
[phone]
[e-mail]
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Li-Cycle Holdings Corp. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.