NEW YORK, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Loop between September 24, 2018 and October 12, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Loop investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; and (4) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Loop during the Class Period should contact the Firm prior to the December 14, 2020 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 email@example.com or firstname.lastname@example.org.
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