Philadelphia, Pennsylvania--(Newsfile Corp. - June 27, 2023) - On November 16, 2020, PureCycle (NASDAQ: PCT) issued a press release announcing plans to become a publicly traded company via a merger with Roth CH Acquisition I Co ("Roth Acquisition"). Roth Acquisition was set up as a special purpose acquisition company (commonly referred to as a SPAC). Roth Acquisition's shares traded on the NASDAQ stock exchange under the ticker symbol "ROCH."
An underlying federal securities fraud complaint alleges that PureCycle, via certain officers and directors, made false and/or misleading statements and/or failed to disclose that: (i) the technology PureCycle licensed from Procter & Gamble is not proven and presents serious issues even at lab scale; (ii) the challenges posed by the availability and competition for the raw materials necessary to commercialize the licensed technology are significant; (iii) PureCycle's financial projections are baseless; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
Current PureCycle shareholders who have held PureCycle stock since on or before November 16, 2020, or via the Roth CH Acquisition I Co. (ROCH) SPAC, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/purecycle-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/171456
