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PCT.US
id: 838

PureCycle Technologies (PCT) Ironton Power Outage Case

S.D. New York
Court
1:23-cv-08605
Case number
08 Aug 2023
Class period Start
13 Sept 2023
Class period End
28 Nov 2023
Lead Plaintiff motion deadline
  • 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.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 September 2023
Filing date
29 September 2023
Lead Plaintiff Deadline
28 November 2023
Collecting participants…

Purecycle Technologies Holdings Corp

PureCycle Technologies, Inc. engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multi...

    Ticker
    PCT.US
    ISIN
    US74623V1035
    CIK
    1830033
    Sector
    Industrials
    Industry
    Pollution & Treatment Controls
    Country
    USA
    Address
    5950 Hazeltine National Drive, Orlando, FL, United States, 32822