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Case Status:    ONGOING    
On or around 11/30/2022 (Date of last review)

Filing Date: May 11, 2021

According to the Complaint, Purecycle Technologies, Inc. purports to commercialize a purification recycling technology, originally developed by The Procter & Gamble Company, for restoring waste polypropylene into resin with near-virgin characteristics.

On November 16, 2020, PureCycle 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.”

The Complaint alleges that Defendants throughout the Class Period 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.

The Court issued an Order consolidating cases on July 14, 2021. All future docketing was ordered to be done in the lead case 21-CV-00809.

On August 5, 2021, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed a consolidated amended Complaint on September 27. Defendants filed a Motion to Dismiss the consolidated amended Complaint on November 12. On August 4, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On August 18, 2022, Co-Lead Plaintiffs filed a consolidated second amended Complaint.

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