NEW YORK, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Loop and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 13, 2020, Hindenburg Research (“Hindenburg”) published a report entitled “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show”. Citing a months-long investigation that “included speaking with multiple former employees, company partners, polymer/plastic experts, and competitors,” the Hindenburg report characterized Loop’s “claimed breakthroughs in PET [polyethylene terephthalate] plastic recycling” as “fiction”. The Hindenburg Report described former employees as “paint[ing] a picture of a chaotic company whose lead scientists are twenty-something ‘liars’ with no relevant work experience other than Loop” and asserted that “[o]ur investigation points to one conclusion: in the words of a former Loop employee, we simply ‘don't really think they have the technology.’”
On this news, Loop’s stock price fell sharply during intraday trading on October 13, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.