{"id":392907,"date":"2020-12-03T11:03:58","date_gmt":"2020-12-03T16:03:58","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392907"},"modified":"2020-12-03T11:03:58","modified_gmt":"2020-12-03T16:03:58","slug":"the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-2\/","title":{"rendered":"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP)"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n LOS ANGELES<\/span>, Dec. 3, 2020<\/span> \/PRNewswire\/ —\u00a0The Law Offices of Frank R. Cruz<\/span><\/a> reminds investors of the upcoming\u00a0upcoming December 14, 2020<\/span><\/b>deadline\u00a0to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP<\/a>) securities between September 24, 2018<\/span> and October 12, 2020<\/span><\/b>, inclusive (the “Class Period”).<\/p>\n

\n

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\n \"(PRNewsfoto\/The
\n <\/a>\n <\/p>\n<\/p><\/div>\n

If you are a shareholder who suffered a loss, click\u00a0here<\/a>\u00a0to participate.<\/p>\n

On October 13, 2020<\/span>, Hindenburg Research published a report alleging, among other things, that “Loop’s scientists, under pressure from CEO Daniel Solomita<\/span>, were tacitly encouraged to lie about the results of the company’s process internally.” The report also stated that “Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible,'” according to a former employee. Moreover, the report alleged that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018<\/span>, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”<\/p>\n

On this news, Loop’s share price fell $3.78<\/span>, or over 32%, to close at $7.83<\/span> per share on October 13, 2020<\/span>, thereby damaging investors.<\/p>\n

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’s business, operations, and prospects. Specifically, 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.<\/p>\n

Follow us for updates on Twitter: twitter.com\/FRC_LAW<\/a>.<\/p>\n

If you purchased or otherwise acquired Loop securities during the Class Period, you may move the Court no later than\u00a0December 14, 2020<\/span><\/b>to request appointment as lead plaintiff in this putative class action lawsuit. \u00a0To be a member of the class action 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 action. \u00a0If you wish to\u00a0learn more\u00a0about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz<\/span>, of The Law Offices of Frank R. Cruz<\/span>, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California<\/span> 90067 at 310-914-5007, by email to info@frankcruzlaw.com<\/a>, or visit our website at www.frankcruzlaw.com<\/a>.\u00a0 If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. <\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-loop-industries-inc-loop-301185898.html<\/a><\/p>\n

SOURCE The Law Offices of Frank R. Cruz<\/span>, Los Angeles<\/span><\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire LOS ANGELES, Dec. 3, 2020 \/PRNewswire\/ —\u00a0The Law Offices of Frank R. Cruz reminds investors of the upcoming\u00a0upcoming December 14, 2020deadline\u00a0to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) securities between September 24, 2018 and October 12, 2020, inclusive (the “Class Period”). If you are a shareholder who suffered a loss, click\u00a0here\u00a0to participate. On October 13, 2020, Hindenburg Research published a report alleging, among other things, that “Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally.” The report also stated that “Loop’s previous claims of breaking PET down to … <\/p>\n

Continue reading “The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. (LOOP)”<\/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-392907","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. 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Cruz reminds investors of the upcoming\u00a0upcoming December 14, 2020deadline\u00a0to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) securities between September 24, 2018 and October 12, 2020, inclusive (the “Class Period”). If you are a shareholder who suffered a loss, click\u00a0here\u00a0to participate. On October 13, 2020, Hindenburg Research published a report alleging, among other things, that “Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally.” The report also stated that “Loop’s previous claims of breaking PET down to … Continue reading "The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Loop Industries, Inc. 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