NEW YORK, Oct. 02, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired PureCycle Technologies, Inc. (“PureCycle” or the “Company”) (NASDAQ: PCT) securities between August 8, 2023 and September 13, 2023, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
The Complaint alleges that on September 13, 2023, the Company disclosed that “[o]n August 7, 2023, the Ironton Facility experienced a full plant power outage resulting from a severe weather impact to a third party power supplier. Operations resumed but, on September 3, 2023, the Ironton Facility experienced a seal system failure in a key operation . . . . The seal failure required the Ironton Facility to halt operations to assess any damage and the root cause of the seal failure.” According to the Complaint, the Company further revealed that it is “unable to eliminate the risk that the restart [procedures] will be unsuccessful, or whether other failures resulting from the August 7, 2023 power outage may be discovered in the future.” On this news, the price of the Company’s stock dropped more than 18%.
Investors who purchased or otherwise acquired shares of PureCycle should contact the Firm prior to the November 28, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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