PureCycle Technologies (PCT) Ironton Power Outage Case

The case has been dismissed, typically without any further action.

S.D. New York

Court

1:23-cv-08605

Case number

08/08/2023

Class period Start

09/13/2023

Class period End

11/28/2023

Lead Plaintiff motion deadline

PureCycle disclosed the Ironton Facility power outage after a month of keeping investors uninformed.
$PCT fell 18% and lost over $220M of its shareholder value.
Investors suspect PCT of failing to disclose the incident and pending risks, which led to investor losses after the truth appeared.

On September 13, 2023, PureCycle (PCT) disclosed that its Ironton Facility experienced a plant power outage on August 7, 2023, which required to halt its operations.

PCT disclosed that it replaced a seal that purportedly failed as a result of the power outage and initiated facility restart procedures on September 11, 2023.

On this news, $PCT fell 18% and lost over $220 million of its market capitalization, damaging shareholders.

Now, Investors have reasons to suspect PCT failing to disclose that the Ironton Facility experienced a plant power outage, and there was a risk of additional failures, which led to shareholder losses after the truth appeared.

Case Status

Dismissed

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

09/14/2023

Filing date

09/29/2023

Lead Plaintiff Deadline

11/28/2023