PureCycle Technologies, Inc. Investors: Company Investigated by the Portnoy Law Firm

5/7/2021, 8:05 PM (Source: GlobeNewswire)

LOS ANGELES, May 07, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises PureCycle Technologies, Inc. investors ("PureCycle" or the "Company") (NASDAQ: PCT) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

The investigation focuses on whether PureCycle issued misleading and/or false statements and/or failed to disclose information pertinent to investors. PureCycle is the subject of a report released by Hindenburg Research on May 6, 2021, titled: “PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored By The Worst Of Wall Street.” According to this report, “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.” Hindenburg’s report continues: “we 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 “our expert also referred to the company’s flammable pressurized process as a ‘bomb.’” It is also stated in this report that Hindenburg spoke to former employees “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 the same day, shares of PureCycle dropped by almost 40%, based on this news.

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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar

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