LOS ANGELES, CA / ACCESSWIRE / May 15, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of PureCycle Technologies, Inc. ("PureCycle" or "the Company") (NASDAQ:PCT) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. PureCycle is the subject of a report released by Hindenburg Research on May 6, 2021, titled: "PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored By The Worst Of Wall Street." According to the report, "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." Hindenburg's report adds: "we 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 "our expert also referred to the company's flammable pressurized process as a 'bomb.'" The report also states that Hindenburg spoke to former employees "who said that PureCycle's executives based their financial projections on 'wild ass guessing', brought companies public far too early, and had deceived investors." Based on this news, shared of PureCycle dropped by almost 40% on the same day.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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SOURCE: The Schall Law Firm