LOOP.US
id: 344
S.D. New York
Court09/24/2018
Class period Start10/12/2020
Class period End02/15/2023
Claim deadlineIn re Loop Industries, Inc. Securities Litigation.
Loop Industries (LOOP) agreed to pay $3.1 million to settle a securities class action lawsuit accusing the Company of deceiving investors about the Company’s business, operations, and prospects.
The Complaint alleged that the Company and its Leaders failed to disclose to investors:
- Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process;
- Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%;
- the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp;
Loop Industries (LOOP) agreed to settle with investors to avoid further litigation.
Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Sakari Johansson,John Jay Cappa
Attorneys
Bronstein, Gewirtz & Grossman, LLC (New York) Glancy Prongay & Murray LLP (Los Angeles) Law Offices of Howard G. Smith Pomerantz LLP (New York)
Judge
Hon. Nelson Stephen Roman
Administrator
Strategic Claims Services
Court hearing date
01/05/2023
Trades matching type
FIFO
+$3,100,000
Cash Settlement Amount