SAN FRANCISCO, May 16, 2021 (GLOBE NEWSWIRE) – Hagens Berman calls on PureCycle Technologies, Inc. (NASDAQ: PCT) Investors with significant losses can file their losses now. A class action lawsuit has been filed and certain investors may have valuable claims.
School lesson: November 16, 2020 – May 5, 2021
Deadline of the main plaintiff: July 12, 2021
Contact an attorney now: [email protected]
To combat fraud in PureCycle Technologies, Inc. (NASDAQ: PCT) securities:
The case focuses on defendants’ repeated false claims that PureCycle is an environmental, social and governance (“ESG”) company that markets proven, patented cleaning recycling technology developed by Proctor & Gamble to remove polypropylene waste to restore in resin with almost virgin properties.
The complaint alleges that the defendants concealed the fact that (1) the licensed P&G technology has not been proven and has serious problems even at the laboratory level. (2) The challenges arising from the competition for and availability of raw materials necessary to successfully commercialize the technology are significant. and (3) PureCycle’s financial guidance is unfounded.
The truth emerged on May 6, 2021 when analyst Hindenburg Research released a scathing report entitled “PureCycle: The Latest ESG SPAC Charade With No Income Sponsored By The Worst Of Wall Street.” Among other things, Hindenburg questions the validity of the PureCycle technology and the alleged access to raw materials in order to operate the PCT process economically. Hindenburg also questions PureCycle’s aggressive financial predictions, alleged recycling partnerships with well-known companies like L’Oreal and Total, and the track record of SPAC sponsors.
In response to this news, the price of PureCycle shares fell.
“We’re focusing on investor losses and proving that PureCycle is greenwashing,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a PureCycle investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblower: Individuals with nonpublic information about PureCycle should review their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844-916-0895 or send an email to [email protected]
About Hagens Berman
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Reed Kathrein, 844-916-0895