HENDERSONVILLE, TN / May 18, 2021/ The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years reminds investors of a class action lawsuit against PureCycle Technologies, Inc. (“PureCycle” or “the Company”) (NASDAQ:PCT) for violations of the federal securities laws. The PureCycle class action lawsuit was commenced on May 11, 2021 in the Middle District of Florida and is captioned Tennenbaum v. PureCycle Technologies, Inc.
If you suffered a loss due to PureCycle’s misconduct, click here.
PureCycle Technologies, Inc. (PCT) Made Misstatements Regarding its Purported Financial Condition and Prospects
On November 16, 2020, PureCycle announced it would list its common stock on NASDAQ through a reverse merger with the ROCH SPAC. At that time, PureCycle claimed it was modeling for its revenue to hit $8 million in 2022 as its first plant came on line. The Company expected revenues to ramp up to $224 million in 2023 with its first five plants and $800 million in 2024. PureCycle also touted the strength of its technology, intellectual property, and management team. Shareholders approved the merger on March 16, 2021.
These statements, however, were false and misleading. Before the market opened on May 6, 2021, Hindenburg Research published a report entitled, “PureCycle: The Latest Zero-Revenue ESG SPAC Charade, Sponsored by The Worst of Wall Street.” The Report revealed that the Company’s insiders and SPAC sponsors positioned themselves to clear approximately $90 million in case and tradable shares before the Company generates any revenue and that PureCycle’s Chairman and CEO, and other associated executives, collectively took six companies public prior to PureCycle, and each failed, among other things. On this news, the Company’s share price fell more than 40%, or approximately $10 per share, on May 6, 2021.
If you purchased shares of PureCycle Therapeutics, Inc. (PCT) and/or Roth CH Acquisition I Co. (ROCH) between November 16, 2020 and May 5, 2021, or were entitled to participate in the March 12, 2021 shareholder vote on the merger with PureCycle, you have until July 12, 2021, to ask the court to appoint you lead plaintiff for the class.
PureCycle Shareholders Urged to Contact the Firm
If you purchased PureCycle securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Last year, Mr Miles was recognized as a 2020 Top Ranked Lawyer; 2020 Top Rated Litigator; and a 2020 Elite Lawyer of The South by Martindale-Hubbell® and ALM. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2021); Top Rated Lawyer by Martindale-Hubbell® and ALM (2019-2021); Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019-2020); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits to Investors (Timothy L. Miles, Dec. 3, 2019).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Leading the Fight to Protect Shareholder Rights for Over 20 Years