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Oklahoma City, OK (May 12, 2021) – On May 11, 2021, a securities class action lawsuit was filed in the United States District Court for the Middle District of Florida against Purecycle Technologies, Inc. (NASDAQ: PCT). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is November 16, 2020 through May 5, 2021. More specifically, the complaint alleges that Purecycle Technology failed to disclose that it patented recycling process, licensed by Procter & Gamble, has not been proven and was experiencing “serious issues even at lab scale.” Purecycle also failed to disclose that there are significant challenges with the “availability and completion for the raw materials necessary to commercialize the licensed technology.” Finally, the complaint alleges that the company’s financial projections were unfounded and materially misleading.
The lawsuit seeks to recover damages on behalf of all Purecycle Technologies, Inc. investors who purchased common stock during the Class Period. You may move the Court no later than 7/5/2021 to serve as a lead plaintiff for the entire Class.
If you wish to obtain further information and participate in this or any other securities litigation, or should you have any questions regarding this notice or preservation of your rights, please contact: Priscilla Scoggins at email@example.com.