Investor Alert: Kaplan Fox Investigates Loop Industries, Inc. For Potential Securities Fraud

NEW YORK, Oct. 15, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Loop Industries, Inc. ("Loop" or the "Company") (NASDAQ: LOOP).  A complaint has been filed on behalf of investors who purchased or otherwise acquired Loop securities between September 24, 2018 and October 12, 2020, inclusive (the "Class Period").

On October 13, 2020, Hindenburg Research published a report alleging, among
other things, that "Loop's previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were 'technically and industrially impossible,'" according to a former employee. 

The Hindenburg report also alleges that "Loop's scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company's process internally."  Moreover, the report alleges that "Executives from a division of key partner Thyssenkrupp, who Loop entered into a 'global alliance agreement' with in December 2018, told us their partnership is on 'indefinite' hold and that Loop 'underestimated' both costs and complexities of its process."

Following this news, the price of Loop's shares fell $3.78 per share, over 32%, to close at
$7.83 per share on October 13, 2020.

If you are a member of the proposed Class, you may move the court no later than December 14, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 646-315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, your rights, or your interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP