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LOOP.US
id: 344, Created by Stan Vick Chase, Scout
Loop Industries Inc
Settled
24 September 2018
Class period Start12 October 2020
Class period End15 February 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)
Court
Southern District of New York
Judge
Hon. Nelson Stephen Roman
Administrator
Strategic Claims Services
Court hearing date
05 January 2023
+$3,100,000
Total Settlement Amount