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id: 868, Created by Polina Foster, Scout
Li-Cycle (LICY) Rochester Hub Project Pause
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S.D. New YorkCourt
- Li-Cycle halted construction on its Rochester Hub project due to unexpectedly high costs.
- On October 23, 2023, the truth came out, leading to a 45% $LICY fall.
Li-Cycle announced that it was stopping construction on its Rochester Hub project, even though they had nearly finished the project's planning.
The company revealed that the costs were higher than expected. This forced them to pause construction and reevaluate their strategy.
This news caused $LICY fall by 45% and $185.23M loss of market cap, damaging shareholders.
Given all this information, investors have reason to suspect that Li-Cycle and its executives misled them by not disclosing the escalating construction costs and the project's perspectives.
Shock Event Date
23 October 2023
08 November 2023
Lead Plaintiff Deadline
08 January 2024