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NEW YORK, June 15, 2021 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court against PureCycle Technologies, Inc. (NASDAQ: PCT) (“PureCycle”) f/k/a Roth CH Acquisition I Co. (“Roth Acquisition”) (NASDAQ: ROCH) on behalf of those who purchased or acquired PureCycle securities between November 16, 2020 and May 5, 2021, inclusive (the “Class Period”).
All investors who purchased shares of PureCycle Technologies, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in your investment in shares of PureCycle Technologies, Inc., you may, no later than July 12, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of PureCycle Technologies, Inc.
CLICK HERE TO JOIN CASE
The Class Period commences on November 16, 2020, when PureCycle issued a press release announcing plans to become a publicly traded company via a merger with Roth Acquisition. On March 18, 2021, PureCycle and Roth Acquisition announced that their anticipated business combination had been completed after having been approved by Roth Acquisition’s stockholders at a special meeting held on March 16, 2021. Throughout the Class Period, PureCycle touted the technology it licensed from Procter & Gamble.
Prior to the markets opening on May 6, 2021, Hindenburg Research published a report on PureCycle entitled “PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored by the Worst of Wall Street.” In the report, Hindenburg said that:
- They “spoke with multiple former employees of who said PureCycle’s executives based their financial projections on wild ass guessing, brought companies public far too early, and had deceived investors”;
- unlike most “leading plastics companies [who] publish peer reviewed studies that detail their advancements in the field,” Hindenburg was “unable to find a single peer reviewed study in any scholarly journal citing or reviewing PureCycle’s licensed process”;
- “multiple competitors and industry experts . . . explained that PureCycle faces steep competition for high quality feedstock, and called the company’s financial projections into question”; and
- “PureCycle represents the worst qualities of the 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.”
Following this news, PureCycle’s stock price fell from a May 5, 2021 closing price of $24.59 per share to a May 6, 2021 closing price of $14.83, a one-day drop of approximately 40%.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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