San Diego, California–(Newsfile Corp. – Could 28, 2022) – Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. (NYSE: LICY) (NYSE: LICY.WS) securities involving February 16, 2021 and March 23, 2022, inclusive (the “Course Period”) have right until June 21, 2022 to find appointment as guide plaintiff in Barnish v. Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp., No. 22-cv-02222 (E.D.N.Y.). The Li-Cycle course action lawsuit prices Li-Cycle as nicely as sure of its major government officers with violations of the Securities Exchange Act of 1934.
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Case ALLEGATIONS: Li-Cycle is the foremost lithium-ion battery recycler in North The us. On August 10, 2021, Li-Cycle merged with Peridot Acquisition Corp., a unique reason acquisition corporation (“SPAC”) also called a blank examine corporation. Prior to the merger, Peridot traded on the NYSE less than the ticker symbols PDAC, PDAC.U, and PDAC WS.
The Li-Cycle course motion lawsuit alleges that, all over the Course Period of time, defendants manufactured wrong and misleading statements and failed to disclose that: (i) Li-Cycle’s most significant consumer, Traxys North The united states LLC, is not truly a shopper, but merely a broker supplying doing work cash financial to Li-Cycle when Traxys attempts to market Li-Cycle’s products to finish buyers (ii) Li-Cycle engaged in really questionable relevant party transactions (iii) Li-Cycle’s mark-to-design accounting is susceptible to abuse and gave a false impact of progress (iv) a major portion of Li-Cycle’s claimed revenues ended up derived from merely marking up receivables on solutions that had not been marketed (v) Li-Cycle’s gross margins have possible been damaging considering that inception (vi) Li-Cycle will involve an supplemental $1 billion of funding to support its prepared advancement (which is a figure bigger than Li-Cycle lifted by way of the merger) and (vii) as a end result, defendants’ general public statements have been materially phony and/or deceptive at all appropriate occasions.
On March 24, 2022, Blue Orca Capital launched a report on Li-Cycle describing Li-Cycle as “a in the vicinity of fatal combination of stock advertising, laughable governance, a damaged business enterprise hemorrhaging hard cash, and highly questionable Enron-like accounting.” Between other points, Blue Orca alleged that Li-Cycle’s revenues are dependent on “an Enron-like mark-to-product accounting gimmick” and that “Li-Cycle diverted $529,902 in trader money to the family members . . . of its founders by a series of highly questionable similar bash payments.” Blue Orca also alleged that Li-Cycle’s “hard cash burn is so critical and much earlier mentioned earlier guidance” which “will call for [Li-Cycle] to increase at the very least $1 billion . . . in big component by massively diluting existing shareholders.” On this news, Li-Cycle’s stock price fell by extra than 5%, harming buyers.
Robbins Geller has released a committed SPAC Endeavor Force to protect traders in blank look at companies and find redress for company malfeasance. Comprised of expert litigators, investigators, and forensic accountants, the SPAC Task Pressure is committed to rooting out and prosecuting fraud on behalf of injured SPAC investors. The increase in blank examine funding poses exclusive dangers to investors. Robbins Geller’s SPAC Task Drive represents the vanguard of making certain integrity, honesty, and justice in this speedily producing expenditure arena.
THE Lead PLAINTIFF Approach: The Personal Securities Litigation Reform Act of 1995 permits any investor who purchased or obtained Li-Cycle securities throughout the Class Period to seek out appointment as lead plaintiff. A lead plaintiff is normally the movant with the biggest financial desire in the aid sought by the putative class who is also regular and sufficient of the putative course.
ABOUT ROBBINS GELLER: Robbins Geller is a person of the world’s leading elaborate course motion corporations representing plaintiffs in securities fraud situations. The Business is ranked #1 on the 2021 ISS Securities Class Motion Companies Top 50 Report for recovering approximately $2 billion for buyers past year on your own – more than triple the sum recovered by any other plaintiffs’ company. With 200 lawyers in 9 offices, Robbins Geller is just one of the biggest plaintiffs’ firms in the earth and the Firm’s attorneys have attained lots of of the largest securities course action recoveries in historical past, together with the premier securities class action recovery at any time – $7.2 billion – in In re Enron Corp. Sec. Litig. Remember to stop by the subsequent website page for additional information and facts:
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