| 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.