Loop Industries, Inc. Securities Litigation

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Lawsuit Overview

Defendant:Loop Industries, Inc.
Date Filed:October 13th, 2020
Sector:Basic Industries
Industry:Major Chemicals
Class Start Date:September 24th, 2018
Class End Date:October 12th, 2020

According to the Complaint, Loop Industries, Inc. is a technology company that purports to own proprietary technology that depolymerizes no- and low-waste PET plastic and polyester fiber. The resulting material is used to create PET resin for food-grade packaging.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop's purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop's announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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First Identified Complaint

Olivier Tremblay, et al. v. Loop Industries, Inc., et al.

Date Filed:October 13th, 2020
Class Period Start:September 24th, 2018
Class Period End:October 12th, 2020
First Identified Complaint Filings
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