BOSTON, MA / ACCESSWIRE / December 7, 2020 / Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that securities class actions have been filed against Loop Industries, Inc. (NASDAQ:LOOP) and First American Financial Corp. (NYSE:FAF). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.
LOOP Shareholders - Click Here: https://www.blockleviton.com/cases/loop
FAF Shareholders - Click Here: https://www.blockleviton.com/cases/faf
Loop Industries, Inc. (NASDAQ:LOOP) - Lead Plaintiff Deadline of December 14, 2020
On October 13, 2020, analyst Hindenburg Research published a report concerning Loop Industries, Inc. (NASDAQ: LOOP), in which Hindenburg concluded that Loop "is smoke and mirrors with no viable technology." Hindenburg concluded that "Loop's claimed breakthroughs in PET plastic recycling are fiction." This news stunned the market, causing Loop shares to plummet by approximately 33% in one day.
A lawsuit has been filed against Loop and certain of its executives in the U.S. District Court for the Southern District of New York. The lawsuit, which has a class period running from September 24, 2018 and October 12, 2020, is captioned Tremblay v. Loop Industries, Inc., et al., No. 1:20-cv-08538 (S.D.N.Y.). Loop refers to itself as a technology company whose "mission is to accelerate the world's shift toward sustained PET plastic and polyester fiber." According to the lawsuit and the Hindenburg report, however, a former Loop employee told Hindenburg that Loop's scientists, under pressure from the company's CEO, were tacitly encouraged to lie about the results of the company's process internally. The suit alleges that Hindenburg "obtained internal documents and photographs to support" those claims. Hindenburg further stated that according 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." As part of its investigation, Hindenburg stated that it interviewed former employees, competitors, industry experts, and company partners.
First American Financial Corp. (NYSE:FAF) - Lead Plaintiff Deadline of December 24, 2020
On October 22, 2020, First American Financial Corp. (NYSE: FAF) shocked the market when it disclosed that in September, it had received a "Wells Notice" from the U.S. Securities and Exchange Commission informing First American that the SEC had made a preliminary determination to recommend a filing of an enforcement action against First American. The action recommended by the SEC pertains to the adequacy of disclosures First American made during the second quarter of 2019 relating to a massive data breach at the Company. This news stunned the market, causing First American shares to plummet by approximately 9% in one day.
A lawsuit has been filed against First American and certain of its executives in the U.S. District Court for the Central District of California. The lawsuit, which has a class period running from February 17, 2017 to October 22, 2020, is captioned Floyd v. First Am. Fin. Corp., et al., No. 2:20-cv-09781 (C.D. Cal.). The suit alleges that in May 2019, news broke that First American's website had been breached, leading to hundreds of millions of documents related to mortgage deals going back to 2003 being leaked. The digitized records were reported to have included bank account numbers and statements, mortgage and tax records, Social Security numbers, drivers license images, and more. In addition to the SEC's investigation and recommended enforcement action, state authorities in at least New York and Massachusetts are also investigating First American, and the New York Department of Financial Services has filed a statement of charges against the Company and scheduled an administrative hearing in connection therewith.
If you purchased or acquired shares of LOOP or FAF and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected]
www.blockleviton.com
SOURCE: Block & Leviton LLP