ONGOING INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Loop Industries, Inc. and Encourages Investors with Losses of $100,000 to Contact the Firm
LOS ANGELES--(BUSINESS WIRE)--Oct 14, 2020--
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Loop Industries, Inc. (“Loop” or “the Company”) (NASDAQ: LOOP ) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Loop is the subject of a report issued by Hindenburg Research on October 13, 2020. The report, titled “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show,” alleges that “a former Loop employee told us that Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally. We have obtained internal documents and photographs to support their claims.” Hindenburg writes that “a]ccording to a former employee, Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible.’” The report also alleges that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.” Based on this report, shares of Loop fell by more than 31% in intraday trading.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
View source version on businesswire.com:https://www.businesswire.com/news/home/20201014005575/en/
CONTACT: The Schall Law Firm
Brian Schall, Esq.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: The Schall Law Firm
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PUB: 10/14/2020 09:15 AM/DISC: 10/14/2020 09:15 AM