The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of PureCycle Technologies, Inc. (NASDAQ: PCT) who purchased shares between November 16, 2020 and May 5, 2021. The action, which was filed in the United States District Court for the Middle District of Florida, alleges that the Company violated federal securities laws.
In particular, the PureCycle lawsuit alleges 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.
Shareholders have until July 12, 2021 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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