SAN DIEGO, April 23, 2022 /PRNewswire/ — The law organization of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. (NYSE: LICY LICY.WS) publicly traded securities in between February 16, 2021 and March 23, 2022, inclusive (the “Course Period”) have until June 21, 2022 to request appointment as lead plaintiff in Barnish v. Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp., No. 22-cv-02222 (E.D.N.Y.). Commenced on April 19, 2022, the Li-Cycle class motion lawsuit rates Li-Cycle as well as selected of its top govt officers with violations of the Securities Trade Act of 1934.
If you endured sizeable losses and want to serve as direct plaintiff of the Li-Cycle course motion lawsuit, please supply your facts by clicking in this article. You can also contact lawyer J.C. Sanchez of Robbins Geller by contacting 800/449-4900 or by means of e-mail at [email protected]. Guide plaintiff motions for the Li-Cycle class motion lawsuit have to be filed with the court docket no afterwards than June 21, 2022.
Case ALLEGATIONS: Li-Cycle is the main lithium-ion battery recycler in North The us. On August 10, 2021, Li-Cycle merged with Peridot Acquisition Corp., a special purpose acquisition firm (“SPAC”) also termed a blank check out organization. Prior to the merger, Peridot traded on the NYSE below the ticker symbols PDAC, PDAC.U, and PDAC WS.
The Li-Cycle class motion lawsuit alleges that, through the Course Period, defendants manufactured false and deceptive statements and failed to disclose that: (i) Li-Cycle’s greatest consumer, Traxys North The usa LLC, is not in fact a buyer, but basically a broker providing functioning capital economic to Li-Cycle when Traxys attempts to provide Li-Cycle’s products to conclude clients (ii) Li-Cycle engaged in highly questionable linked get together transactions (iii) Li-Cycle’s mark-to-product accounting is vulnerable to abuse and gave a fake effect of progress (iv) a important part of Li-Cycle’s claimed revenues ended up derived from merely marking up receivables on items that had not been bought (v) Li-Cycle’s gross margins have very likely been detrimental due to the fact inception (vi) Li-Cycle will need an more $1 billion of funding to aid its prepared development (which is a figure greater than Li-Cycle raised through the merger) and (vii) as a result, defendants’ general public statements have been materially false and/or misleading at all relevant periods.
On March 24, 2022, Blue Orca Funds unveiled a report on Li-Cycle describing Li-Cycle as “a near deadly blend of stock promotion, laughable governance, a damaged business hemorrhaging funds, and extremely questionable Enron-like accounting.” Between other items, Blue Orca alleged that Li-Cycle’s revenues are based mostly on “an Enron-like mark-to-design accounting gimmick” and that “Li-Cycle diverted $529,902 in investor funds to the relatives . . . of its founders by means of a collection of extremely questionable connected celebration payments.” Blue Orca also alleged that Li-Cycle’s “dollars burn off is so serious and significantly previously mentioned previous assistance” which “will need [Li-Cycle] to elevate at minimum $1 billion . . . in large section by massively diluting latest shareholders.” On this information, Li-Cycle’s inventory price tag fell by a lot more than 5%, detrimental traders.
Robbins Geller has launched a dedicated SPAC Activity Drive to shield traders in blank check providers and seek redress for company malfeasance. Comprised of seasoned litigators, investigators, and forensic accountants, the SPAC Activity Pressure is focused to rooting out and prosecuting fraud on behalf of wounded SPAC investors. The rise in blank check out financing poses exceptional threats to buyers. Robbins Geller’s SPAC Job Drive represents the vanguard of making sure integrity, honesty, and justice in this fast acquiring financial investment arena.
THE Direct PLAINTIFF Procedure: The Personal Securities Litigation Reform Act of 1995 permits any trader who obtained Li-Cycle securities through the Course Period to seek out appointment as guide plaintiff in the Li-Cycle class action lawsuit. A guide plaintiff is generally the movant with the finest money fascination in the reduction sought by the putative course who is also usual and ample of the putative course. A direct plaintiff acts on behalf of all other course associates in directing the Li-Cycle course action lawsuit. The guide plaintiff can pick a regulation business of its preference to litigate the Li-Cycle course action lawsuit. An investor’s potential to share in any opportunity long run restoration of the Li-Cycle class action lawsuit is not dependent on serving as guide plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one particular of the world’s top intricate class motion corporations symbolizing plaintiffs in securities fraud instances. The Agency is rated #1 on the 2021 ISS Securities Course Motion Solutions Prime 50 Report for recovering almost $2 billion for investors last yr on your own – far more than triple the quantity recovered by any other plaintiffs’ agency. With 200 attorneys in 9 offices, Robbins Geller’s lawyers have obtained several of the most significant securities class action recoveries in historical past, which includes the greatest securities course action restoration ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please stop by http://www.rgrdlaw.com for far more information.
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