{"id":387861,"date":"2020-11-24T11:03:27","date_gmt":"2020-11-24T16:03:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387861"},"modified":"2020-11-24T11:03:27","modified_gmt":"2020-11-24T16:03:27","slug":"glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3\/","title":{"rendered":"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP)"},"content":{"rendered":"<div class=\"mw_release\">\n<p>LOS ANGELES, Nov.  24, 2020  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=d231Lqj1DCfen6xuAndfAz-wbA80LpoGPotqwtbwoL3PHLW38XC65FnFFH8ZI1ZsRvGT5IScbAod4gzxvJaeeEh7zKugjt0i-dyR2vydwlU=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Glancy Prongay &amp; Murray LLP<\/a> (\u201cGPM\u201d) reminds investors of the upcoming\u00a0<strong>December 14, 2020 <\/strong>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Loop Industries, Inc. (\u201cLoop\u201d or the \u201cCompany\u201d) (NASDAQ: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Dcf5jjGfjtZnX7QTY2zErgKIgiDxCUl-pDpJgqa4-NOgjC6mMGYQLgoNhu5pSnNmMJ4-W_AmmMX90VeIZE4B5g==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">LOOP<\/a>) securities between <strong>September 24, 2018 and October 12, 2020<\/strong>, inclusive (the \u201cClass Period\u201d).<\/p>\n<p>If you suffered a loss on your Loop investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your information at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=6ZuBXKxnUne-qzcG96AXKq6sStQYZbcVOjD8XRA4e5a41s2f5kaVMacfMhAcQae2kN5F3rin6dBeq97C8zFD8IOfl5idHVWdizVpeguPj2uZn70Whx_J7gfIBUaRz4wQi5Kzg2CqiTku3yWXzbgmslzV98uAp6FmZ0s8_wsnE4o=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/www.glancylaw.com\/cases\/loop-industries-inc\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Hc2gt9NUcq-j1Hmcxla03DIWSIPd6rlon4YXkoxwEuw6W2JNAip9YHaZCW05mjjJQAfuJpBey_eH8r-LxfhuECok5MEYUTRWOVYqmTpMccTgzeN3ns1UkGYbNPfOycKD\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">shareholders@glancylaw.com<\/a> to learn more about your rights.<\/p>\n<p>On October 13, 2020, Hindenburg Research published a report alleging, among other things, that \u201c[a] former Loop employee told us that Loop\u2019s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company\u2019s process internally. We have obtained internal documents and photographs to support their claims.\u201d The report also stated that \u201cLoop\u2019s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were \u2018technically and industrially impossible,\u2019\u201d according to a former employee. Moreover, the report alleged that \u201cExecutives from a division of key partner Thyssenkrupp, who Loop entered into a \u2018global alliance agreement\u2019 with in December 2018, told us their partnership is on \u2018indefinite\u2019 hold and that Loop \u2018underestimated\u2019 both costs and complexities of its process.\u201d<\/p>\n<p>On this news, the Company\u2019s stock price fell $3.78, or over 32%, to close at $7.83 per share on October 13, 2020, thereby injuring investors.<\/p>\n<p>Then, on October 16, 2020, after the market closed, Loop disclosed that it had received a subpoena from the U.S. Securities and Exchange Commission (\u201cSEC\u201d) for information \u201cregarding testing, testing results and details of results from [Loop\u2019s] Gen I and Gen II technologies and certain of [its] partnerships and agreements.\u201d<\/p>\n<p>On this news, the Company\u2019s stock price fell as much as 7% in intraday trading on October 19, 2020, the first trading session after the SEC subpoena was disclosed.<\/p>\n<p>The complaint filed 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\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that:\u00a0(1) Loop scientists were encouraged to misrepresent the results of Loop\u2019s 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, Loop was unlikely to realize the purported benefits of Loop\u2019s announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p>Follow us for updates on <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5IWurMPT_-Tuvwwt3Zsa3AmITtRiLdckV764hQPNDp0ZCWHhO-cECUCRECdPT6gN4eeIzIJ_Oue0OE-dhR1D-x37iEyrjXK0BkZqC5SORAoFokMA16O6hAybZOjWRZFb\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">LinkedIn<\/a>, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=OOu0pJk4EV6kqVoJA4Jh8i_t9OLBzIPu-7oO8uoAnZlhyd0Fstmrms6dgbjkh0Vf6Zcl3ZdqlD4OGC-uHYIYlg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Twitter<\/a>, or <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=-5UaFZ6NicXGPsWpry1H2DZQVYqqVWH0zOQtq0TWU6ameRLSwsAqYELnFJ810nSApy7RIki3OfARFM_wBy7j46eeUFruCSoRWCMXxXcwjoY=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Facebook<\/a>.<\/p>\n<p>If you purchased or otherwise acquired Loop securities during the Class Period, you may move the Court no later than <strong>December 1<\/strong><strong>4, 2020 <\/strong>to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to\u00a0learn more\u00a0about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles H. Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Hc2gt9NUcq-j1Hmcxla03DIWSIPd6rlon4YXkoxwEuyyoJKtycQTPwWeO3QmnHfuscvER4alpukbiXohnakT9ZAUdX3ha0dFzpWTYSvSBhA9Q45LHpDKVLA6gjUrFYrF\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">shareholders@glancylaw.com<\/a>, or visit our website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1UiF24kBwepAD1fI5_W6v_Mdru3Q2M4DbgrA4T4UuEZ_piU7MXxyPtyZ8MzZ0IMTruuGEXk36m6LukJ9sExrhA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.<\/p>\n<p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n<p>\n        <strong>Contacts<\/strong><br \/>\n        <br \/>Glancy Prongay &amp; Murray LLP, Los Angeles<br \/>Charles H. Linehan, 310-201-9150 or 888-773-9224<br \/>1925 Century Park East, Suite 2100<br \/>Los Angeles, CA 90067 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1UiF24kBwepAD1fI5_W6v534jolKvX7cpbtN3yZd8ElVFRDmIaPEW4nNUPulqTKKk0WyjIo8upn4lBRPf2-3ctIKxd2JJE7Oo0eWCA87zQI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.glancylaw.com<\/a>\u00a0\u00a0 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Hc2gt9NUcq-j1Hmcxla03DIWSIPd6rlon4YXkoxwEuzhh1iIqOlr5TDyzDxLGqbfEpN2izQil3VEvjPyvwMyx6OfUPK4fneIZ4iXk0kyL-8baXKN_Xrtd19CjqVWhC7r\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">shareholders@glancylaw.com<\/a><\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTE2MyMzODQxMTQ2IzIwMTcyOTE=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/89f62294-564e-438d-96ff-2a06ae83f2c4\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>LOS ANGELES, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d) reminds investors of the upcoming\u00a0December 14, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Loop Industries, Inc. (\u201cLoop\u201d or the \u201cCompany\u201d) (NASDAQ: LOOP) securities between September 24, 2018 and October 12, 2020, inclusive (the \u201cClass Period\u201d). If you suffered a loss on your Loop investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your information at https:\/\/www.glancylaw.com\/cases\/loop-industries-inc\/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-387861","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"LOS ANGELES, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d) reminds investors of the upcoming\u00a0December 14, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Loop Industries, Inc. (\u201cLoop\u201d or the \u201cCompany\u201d) (NASDAQ: LOOP) securities between September 24, 2018 and October 12, 2020, inclusive (the \u201cClass Period\u201d). If you suffered a loss on your Loop investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your information at https:\/\/www.glancylaw.com\/cases\/loop-industries-inc\/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more &hellip; Continue reading &quot;Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. 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(LOOP) - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3\/","og_locale":"en_US","og_type":"article","og_title":"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP) - Market Newsdesk","og_description":"LOS ANGELES, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d) reminds investors of the upcoming\u00a0December 14, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Loop Industries, Inc. (\u201cLoop\u201d or the \u201cCompany\u201d) (NASDAQ: LOOP) securities between September 24, 2018 and October 12, 2020, inclusive (the \u201cClass Period\u201d). If you suffered a loss on your Loop investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your information at https:\/\/www.glancylaw.com\/cases\/loop-industries-inc\/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more &hellip; Continue reading \"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP)\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-24T16:03:27+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTE2MyMzODQxMTQ2IzIwMTcyOTE=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-3\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. 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