Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against PureCycle Technologies, Inc. (NASDAQ: PCT) on behalf of PureCycle stockholders. Our investigation concerns whether PureCycle has violated the federal securities laws and/or engaged in other unlawful business practices.
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On May 6, 2021, market analyst Hindenburg Research released a report entitled “PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored By The Worst Of Wall Street[.]” 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 also stated that “[w]e consulted with a 30-year expert on polymers, with a background in advanced plastics recycling. He told us the company's patent is ‘indirect’, ‘vague’ and a 'regurgitation of prior art[,]” and that “[o]ur expert also referred to the company’s flammable pressurized process as a ‘bomb[.]’” Further the report stated that Hindenburg Research connected with “multiple former employees” of earlier companies that “PureCycle’s Chairman/CEO 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.”
On this news, PureCycle's share price fell $9.79 per share, or 39%, to close at $14.83 per share on May 6, 2021.
If you purchased or otherwise acquired PureCycle shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210510006035/en/
Contacts:
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
