SAN DIEGO–(Enterprise WIRE)–Shareholder rights regulation agency Robbins LLP is investigating Li-Cycle Holdings Corp. (NYSE: LICY) and its officers and directors to establish whether or not they breached their fiduciary responsibilities and violated securities guidelines. Li-Cycle purports to be an market leader in lithium-ion battery useful resource recovery and the foremost lithium-ion battery recycler in North The us.
If you would like a lot more details about our investigation of Li-Cycle Holdings Corp.’s misconduct, click on below.
What is this Situation About: In accordance to a criticism filed towards Li-Cycle, defendants touted Li-Cycle’s patented technology and noted that the merger with Peridot Acquisition Corp. would enable Li-Cycle “to thoroughly fund its prepared international growth.” Nevertheless, defendants failed to disclose that Li-Cycle’s greatest consumer was merely a broker delivering operating cash fiscal to the Enterprise even though making an attempt to sell the merchandise to finish clients. Further, Li-Cycle engaged in questionable connected occasion transactions. With regard to accounting, the Enterprise gave a phony perception of advancement, reported revenues derived by marking up receivables on unsold goods, and hid that the Company would have to have an further $1 billion to assist prepared progress.
The fact arrived to gentle on March 24, 2022, when industry researcher Blue Orca Funds unveiled a report describing the Firm as “a in close proximity to lethal combination of stock promotion, laughable governance, a broker organization hemorrhaging hard cash, and remarkably questionable Ernon-like accounting” and detailing the Company’s failings. On this information, Li-Cycle’s shares fell somewhere around 5.6%, to close at $7.93 for each share on March 24, 2022.
Up coming Actions: If you obtained shares of Li-Cycle Holdings Corp. (LICY) among February 16, 2021 and March 23, 2022, you have legal solutions. Get in touch with us for far more facts about your legal rights.
All illustration is on a contingency payment basis. Shareholders spend no service fees or fees.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and workers of Robbins LLP have been devoted to encouraging shareholders get better losses, strengthen corporate governance buildings, and hold enterprise executives accountable for their wrongdoing due to the fact 2002. To be notified if a course motion against Li-Cycle Holdings Corp. settles or to get free alerts when company executives engage in wrongdoing, signal up for Stock View right now.
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