GRABAR LAW OFFICE INVESTIGATES CLAIMS AGAINST OFFICERS AND DIRECTORS OF PURECYCLE TECHNOLOGIES, INC. (NASDAQ: PCT)
PureCycle Technologies, Inc. purports to commercialize a purification recycling technology, originally developed by The Procter & Gamble Company, for restoring waste polypropylene into resin with near-virgin characteristics.
On November 16, 2020, PureCycle issued a press release announcing plans to become a publicly traded company via a merger with Roth CH Acquisition I Co ("Roth Acquisition"). Roth Acquisition was set up as a special purpose acquisition company (commonly referred to as a SPAC). Roth Acquisition’s shares traded on the NASDAQ stock exchange under the ticker symbol “ROCH.”
The underlying federal securities fraud complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the technology PureCycle licensed from Procter & Gamble is not proven and presents serious issues even at lab scale; (ii) the challenges posed by the availability and competition for the raw materials necessary to commercialize the licensed technology are significant; (iii) PureCycle’s financial projections are baseless; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current PureCycle shareholders who have held PureCycle stock since on or before November 16, 2020, or via the Roth CH Acquisition I Co. (ROCH) SPAC, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
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