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id: 838, Created by Stan Vick, Scout
PureCycle Technologies (PCT) Ironton Power Outage Case
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S.D. New YorkCourt
- 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.
Failure to Disclose,
Shock Event Date
14 September 2023
29 September 2023
Lead Plaintiff Deadline
28 November 2023