LOOP.US
id: 344, Created by Stan Vick, Scout
Loop Industries Inc
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim deadline for this case already passed by, but we can still try and file for compensation for you
Claim payout
S.D. New York
Court24 Sept 2018
Class period Start12 Oct 2020
Class period End15 Feb 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.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Lead plaintiff
Sakari Johansson,John Jay Cappa
Attorney
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
05 January 2023
+$3,100,000
Total Settlement Amount