LOOP DEADLINE ALERT
Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Loop To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 investing in Loop stock or options between September 24, 2018 and October 12, 2020 and would like to discuss your legal rights, please fill out the form below. You can also call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
There is no cost or obligation to you.
Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ:LOOP) and reminds investors of the December 14, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Specifically, on October 13, 2020, Hindenburg Research published a report alleging, among other things, that “[a] former Loop employee told us that Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally. We have obtained internal documents and photographs to support their claims.”
Moreover, the report alleged that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”
On this news, the Company’s share price fell $3.7, or over 32%, to close at $7.83 per share on October 13, 2020, thereby damaging investors.
Loop Industries, Inc. (LOOP)
* The submission of this form does not create an attorney-client relationship.
Filed on 10/13/2020
Lead Plaintiff Deadline 12/14/2020
45 days remaining
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