LOOP Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Loop Industries, Inc. (NASDAQ: LOOP); Lead Plaintiff Deadline is December 14, 2020
PHILADELPHIA, Nov. 3, 2020 – Berger Montague is investigating potential securities fraud claims against Loop Industries, Inc. (“Loop” or the “Company”) on behalf of investors who purchased Loop securities (NASDAQ: LOOP) between September 24, 2018 and October 12, 2020 (the “Class Period”).
If you purchased Loop securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015, or Donnell Much at email@example.com or (215) 875-4667, or contact us at www.bergermontague.com/loop-industries.
A recently filed lawsuit accuses the Company of falsifying its proprietary chemical processes for plastics recycling, based on a report published by Hindenburg Research on October 13, 2020. The Hindenburg report, titled “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show,” cited a months-long investigation that included conversations with former employees, polymer/plastic experts, and competitors, and characterized Loop’s purported “breakthroughs” in polyethylene terephthalate plastic recycling as “fiction.”
According to the Hindenburg report, former employees “painted a picture of a chaotic company whose lead scientists are twenty-something ‘liars’ with no relevant work experience.” The report concluded by stating that “in the words of a former Loop employee, we simply ‘don’t really think they have the technology.’”
Following the report, Loop’s shares fell sharply, declining $3.78 per share – a dramatic 32% – to close at $7.83 on October 13, 2020.
If you purchased Loop shares during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is December 14, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Loop are encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.