(LICY) DEADLINE: Did You Suffer a Substantial Loss? Contact Johnson Fistel about Leading Li-Cycle Class Action Lawsuit
SAN DIEGO- Globe Newswire—April 19, 2022
Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. (NYSE: LICY, PDAC) who purchased between February 16, 2021 and March 23, 2022, both dates inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than June 20, 2022.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
There is no cost or obligation to you.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) Li-Cycle’s largest customer, Traxys North America LLC, is not actually a customer, but merely a broker providing working capital financial to the Company while Traxys tries to sell Li-Cycle’s product to end customers; (2) the Company engaged in highly questionable related party transactions; (3) the Company’s mark-to-model accounting is vulnerable to abuse and gave a false impression of growth; (4) a significant portion of the Company’s reported revenues were derived from simply marking up receivables on products that had not been sold; (5) the Company’s gross margins have likely been negative since inception; (6) the Company will require an additional $1 billion of funding to support its planned growth (which is a figure greater than the Company raised via the merger); and (7) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. A lead plaintiff will act on behalf of all other class members in directing the Li-Cycle class-action lawsuit.
The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the Li-Cycle class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
See original press release here
Johnson Fistel, LLP
Jim Baker, 619-814-4471