| COMPANY |
Li-Cycle Holdings Corp. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
23-cv-09894 |
| JUDGE |
The Hon. Jed Saul Rakoff |
| CLASS PERIOD |
June 14, 2022 through October 23, 2023 |
| SECURITY TYPE |
Securities |
Li-Cycle 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 January 8, 2024 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 Li-Cycle Holdings Corp. (“Li-Cycle”) (NYSE: LICY) securities between June 14, 2022 and October 23, 2023, both dates inclusive (the “Class Period”).
Case Background:
Li-Cycle, a Canadian corporation with its principal executive offices in Toronto, Ontario, Canada, is a lithium-ion battery resource recovery company and lithium-ion battery recycler.
On October 23, 2023, before the market opened, Li-Cycle announced that, as a result of “recently experienced escalating construction costs,” it would halt construction work on the Rochester Hub project and evaluate its construction strategy moving forward. Additionally, Li-Cycle disclosed that it now “expects the aggregate cost for the current scope of the project to exceed its previously disclosed guidance.” On this news, the price of Li-Cycle common stock declined by $1.04 per share, or nearly 46%, from a close of $2.27 per share on October 20, 2023, to close at $1.23 per share on October 23, 2023.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) the Rochester Hub was experiencing escalating construction costs; (2) the escalating construction costs exceeded the expected aggregate cost of the project; (3) due to the foregoing, Li-Cycle would be forced to temporarily halt construction and reevaluate the construction strategy for the Rochester Hub; and (4) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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.