PureCycle Technologies, Inc.
A securities class action has been filed in the USDC – S.D.N.Y. against PureCycle Technologies, Inc. (PCT) (“PCT” or the “Company”) on behalf of a class consisting of all persons and entities that purchased or otherwise acquired PCT securities between August 8, 2023 through September 13, 2023, both dates inclusive (the “Class Period”).
PureCycle claims it is commercializing a patented purification recycling technology, originally developed by The Procter & Gamble Company (“P&G”), for restoring waste polypropylene into resin with near-virgin characteristics, called ultra-pure recycled resin. In early 2023, PureCycle claimed that it was finalizing construction and commissioning at its first commercial scale recycling facility (the “Ironton Facility”), “which is expected to have capacity of approximately 107 million pounds/year when fully operational.”
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:
- that the Ironton Facility experienced a full plant power outage on August 7, 2023;
- that there was a risk of additional failures resulting from the August 7, 2023 power outage; and
- that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis, thereby harming investors.
If you purchased PCT securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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