On or around 10/14/2020 (Date of last review)
Filing Date: October 13, 2020
According to the Complaint, Loop Industries, Inc. is a technology company that purports to own proprietary technology that depolymerizes no- and low-waste PET plastic and polyester fiber. The resulting material is used to create PET resin for food-grade packaging.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; and (4) that, 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.
Company & Securities Information
Defendant: Loop Industries, Inc.
Sector: Basic Materials
Industry: Chemical Manufacturing
Ticker Symbol: LOOP
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Olivier Tremblay, et al. v. Loop Industries, Inc., et al.
COURT: S.D. New York
DOCKET #: 20-CV-08538
JUDGE: Hon. Nelson Stephen Roman
DATE FILED: 10/13/2020
CLASS PERIOD START: 09/24/2018
CLASS PERIOD END: 10/12/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Glancy Prongay & Murray LLP (NY)
The Law Offices of Frank R. Cruz
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available