NEW YORK, June 22, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of PureCycle Technologies, Inc. («PureCycle» or the «Company») (NASDAQ: PCT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether PureCycle and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 6, 2021, Hindenburg Research («Hindenburg») published a report addressing PureCycle. The Hindenburg report asserted that «PureCycle represents the worst qualities of the 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 Hindenburg report cited conversations with «multiple former employees» of earlier companies that PureCycle’s Chief Executive Officer 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 stock price fell $9.76 per share, or 39.69%, to close at $14.83 per share on May 6, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP