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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Loop Industries, Inc.    LOOP

LOOP INDUSTRIES, INC.

(LOOP)
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Shareholder Alert: Robbins LLP Reminds Investors that Loop Industries, Inc. (LOOP) is Being Sued for Misleading Shareholders

10/29/2020 | 12:51pm EST

Shareholder rights law firm Robbins LLP reminds purchasers of the class action filed against Loop Industries, Inc. (NASDAQ: LOOP) for alleged violations of the Securities Exchange Act of 1934 between September 24, 2018 and October 12, 2020. Loop Industries, Inc. claims to own proprietary technology that depolymerizes waste polyethylene terephthalate (PET) plastics and polyester fibers into PET resin for food-grade packaging.

If you suffered a loss due to Loop Industries, Inc.'s misconduct, click here.

Loop Industries, Inc. (LOOP) Accused of Deceiving Consumers and Investors

According to the complaint, during the class period, the company falsely touted the strength of Loop's technological and operational profile. On October 13, 2020, Hidenburg Research published a report titled “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show.” According to the report, Loop Industries' scientists were under pressure from CEO Daniel Solomita to lie about the results of the company's process. Hidenburg also alleged that the Company did not have the proprietary process or technology to break PET down to its base chemicals at a recovery rate of 100% and that it would have been 'technically and industrially impossible' to do so. The report purported that a key partner Tysenkrupp put an indefinite hold on their global alliance agreement as Loop 'underestimated' both costs and complexities of its process. On this news, Loop's stock dropped 32% to close at $7.83, and continues to decline.

If you purchased Loop Industries, Inc. (LOOP) securities between September 24, 2018 and October 12, 2020, you have until December 14, 2020, to ask the court to appoint you lead plaintiff for the class.

Contact us to learn more:
Lauren Levi
(800) 350-6003
llevi@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Loop Industries, Inc. settles or to receive free alerts about companies engaged in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.


© Business Wire 2020
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More news
Financials (USD)
Sales 2021 - - -
Net income 2021 -24,7 M - -
Net Debt 2021 - - -
P/E ratio 2021 -15,0x
Yield 2021 -
Capitalization 386 M 386 M -
Capi. / Sales 2021 -
Capi. / Sales 2022 59,1x
Nbr of Employees 61
Free-Float 36,6%
Chart LOOP INDUSTRIES, INC.
Duration : Period :
Loop Industries, Inc. Technical Analysis Chart | LOOP | US5435181046 | MarketScreener
Technical analysis trends LOOP INDUSTRIES, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 15,50 $
Last Close Price 9,10 $
Spread / Highest target 75,8%
Spread / Average Target 70,3%
Spread / Lowest Target 64,8%
EPS Revisions
Managers and Directors
NameTitle
Daniel Solomita Chairman, President & Chief Executive Officer
Nelson Gentiletti Treasurer, Chief Operating & Financial Officer
Jay Stubina Independent Director
Laurence G. Sellyn Lead Independent Director
Andrew P. Lapham Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
LOOP INDUSTRIES, INC.9.64%386
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FORMOSA PLASTICS CORPORATION-3.42%21 168
FORMOSA CHEMICALS & FIBRE CORPORATION-3.07%17 152
COVESTRO AG9.03%12 834