Skip to Main Content

PureCycle Technologies, Inc. (NYSE: DOCN) Securities Fraud Class Action

View Complaint
COMPANY       PureCycle Technologies, Inc. 
COURT United States District Court for the Southern District of New York
CASE NUMBER 23-cv-08605
JUDGE The Hon. John George Koeltl
CLASS PERIOD  August 8, 2023 through September 13, 2023
SECURITY TYPE  Securities

PureCycle investors may receive additional information about the case by clicking the link "Submit Your Information" above.  If you are a member of the class described below, you may no later than November 28, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.

A class action lawsuit has been filed on behalf of those who purchased or acquired PureCycle Technologies, Inc. (“PureCycle”) (NASDAQ: PCT) securities between August 8, 2023 and September 13, 2023, both dates inclusive (the “Class Period”). 

Case Background:
On September 13, 2023, PureCycle disclosed that the company had experienced a significant issue at their Ironton Facility. Specifically, PureCycle revealed that the Ironton Facility had suffered a complete power outage on August 7, 2023, due to severe weather affecting a third-party power supplier. While operations had resumed, on September 3, 2023, the facility encountered a seal system failure in a critical operation. This seal failure forced the Ironton Facility to cease operations temporarily to assess any damage and investigate the root cause of the issue. Additionally, PureCycle disclosed that it could not guarantee the success of the restart procedures or predict whether other problems stemming from the August 7, 2023 power outage might surface in the future.

Following this news, PureCycle's stock declined $1.40 per share, to close at $6.18 per share on September 14, 2023.

The complaint alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) the Ironton Facility experienced a full plant power outage on August 7, 2023; (2) there was a risk of additional failures resulting from the August 7, 2023 power outage; and (3) 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.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP:  Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com.  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

Please complete this form relating to your transactions in PureCycle Technologies, Inc. (NASDAQ: PCT) securities between August 8, 2023 and September 13, 2023, both dates inclusive (the “Class Period”).

You may also contact Jonathan Naji, Esq. (484) 270-1453; or you may submit your information via email at info@ktmc.com; or you may click here to print a PDF of this form.

SUBMIT YOUR INFORMATION
* Denotes required field
Date
# of Shares
Price per Share
Date
Principal Amount
Amount Paid
Series or CUSIP
Date
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of PureCycle Technologies, Inc. prior to the Class Period?
Are you a current or former employee of PureCycle Technologies, Inc. ?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
I agree to the KTMC disclaimer
I would like to receive new case alerts by email