LICY SHAREHOLDER ALERT: Jakubowitz Law Reminds Li-Cycle Shareholders of a Lead Plaintiff Deadline of June 20, 2022
NEW YORK , May 27, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. (NYSE: LICY).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/li-cycle-holdings-corp-loss-submission-form/?id=27757&from=4
The lawsuit seeks to recover losses for shareholders who purchased Li-Cycle between February 16, 2021 and March 23, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until June 20, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. issued materially false and/or misleading statements and/or failed to disclose that: (1) Li-Cycle's largest customer, Traxys, is not actually a customer, but merely a broker providing working capital financial to the Company while Traxys tries to sell Li-Cycle's product to end customers; (2) the Company engaged in highly questionable related party transactions; (3) the Company's mark-to-model accounting is vulnerable to abuse and gave a false impression of growth; (4) a significant portion of the Company's reported revenues were derived from simply marking up receivables on products that had not been sold; (5) the Company's gross margins have likely been negative since inception; (6) the Company will require an additional $1 billion of funding to support its planned growth (which is a figure greater than the Company raised via the merger); and (7) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
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New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
SOURCE Jakubowitz Law
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