According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the management team bringing PureCycle public had previously brought six other failed business public only to have each implode thereafter; (2) the management team bringing PureCycle public had characterized rank speculation as financial projections to investors in the past; (3) the primary motivation of the management team bringing PureCycle public was to complete any transaction, good or bad, to obtain tens of millions of dollars in cash and tradable shares; (4) PureCycle faces higher competition for high quality feedstock than it has led investors to believe, materially undermining the management team’s financial projections; (5) PureCycle’s patent is nowhere as cogent or valuable as it has led investors to believe, and the technology underlying its business operations is unproven and presents serious issues even at lab scale; (6) in reality, PureCycle’s flammable pressurized process is not yet functional, especially at scale, and is dangerous; (7) PureCycle purports to be advancing to commercial production scale despite still having operational issues at a lab scale; and (8) as a result, defendants’ positive statements during the Class Period about PureCycle’s business performance, financial and operational metrics, and financial prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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