Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of purchasers of PureCycle Technologies, Inc. (“PureCycle”) (NASDAQ: PCT) securities between November 30, 2020 and May 5, 2021, inclusive.
PureCycle investors may receive additional information about this investigation by clicking the link "Submit Your Information" above.
PureCycle is a technology leader in recycling polypropylene (“PP”) plastic. PureCycle holds a global license to commercialize the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company for restoring waste PP into virgin-like resin.
On May 6, 2021, before the markets opened, Hindenburg Research issued a report regarding PureCycle. The report stated that “PureCycle represents the worst qualities of the [special purpose acquisition company] SPAC boom; another quintessential example of how executives and SPAC sponsors enrich themselves while hoisting unproven technology and ridiculous financial projections onto the public markets, leaving retail investors to face the ultimate consequences.” The report represented that Hindenburg Research connected with “multiple former employees” of earlier companies that Mike Otworth, PureCycle’s Chief Executive Officer, and other associated executives took public before PureCycle, “who said that PureCycle’s executives based their financial projections on ‘wild ass guessing’, brought companies public far too early, and had deceived investors.”
Following this news, PureCycle’s stock price is down approximately 36% during intraday trading on May 6, 2021.
If you wish to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.