| 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 |
Case Background:
On May 11, 2021 the initial complaint in this securities class action was filed against PureCycle Technologies, Inc. (“PureCycle” or the “Company”) and certain of PureCycle’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all investors who purchased or acquired PureCycle securities between November 16, 2020 through May 5, 2021, (“Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the technology PureCycle licensed from Procter & Gamble is not proven and presents serious issues even at lab scale; (2) the challenges posed by the availability and competition for the raw materials necessary to commercialize the licensed technology are significant; (3) PureCycle’s financial projections are baseless; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On June 4, 2024, the Court issued an Order granting Lead Plaintiffs’ Unopposed Motion for Preliminary Approval of Class Action Settlement and scheduled a Final Settlement Hearing for October 8, 2024. On October 23, 2024, the Court entered Final Judgment granting Settlement and closing the case. This action has concluded.
The deadline to file a claim is September 12, 2024. If you have any questions or need further information about this settlement, you may go to the following website www.strategicclaims.net/purecycle, or you can contact the claims administrator, Strategic Claims Services, at 1-866-274-4004.
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.