The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Loop Industries, Inc. (NASDAQ: LOOP) who purchased shares between September 24, 2018 and October 12, 2020. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Loop lawsuit alleges that (1) Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama Ventures Public Company Limited and thyssenkrupp Industrial Solutions; and (4) 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.
Shareholders have until December 14, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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