LICY Stock News: Robbins LLP investigates Li-Cycle Holdings Corp. (LICY) f/k/a Peridot Acquisition Corp. (PDAC) on behalf of the shareholders
SAN DIEGO–(BUSINESS WIRE)–Law firm in shareholder law Robbins LLP investigating Li-Cycle Holdings Corp. (NYSE: LICY) and its officers and directors to determine whether they have breached their fiduciary duties and violated securities laws. Li-Cycle claims to be an industry leader in lithium-ion battery resource recovery and the leading recycler of lithium-ion batteries in North America.
If you would like more information about our investigation into the misconduct of Li-Cycle Holdings Corp., click here.
What this case is about: According to a lawsuit filed against Li-Cycle, the defendants touted Li-Cycle’s patented technology and noted that the merger with Peridot Acquisition Corp. would allow Li-Cycle “to fully fund its planned global expansion”. However, the defendants failed to disclose that Li-Cycle’s biggest customer was just a broker providing working capital to the company while trying to sell the product to end customers. In addition, Li-Cycle has engaged in questionable transactions with related parties. On accounting, the company gave the wrong impression of growth, reported revenue from unsold product receivable mark-ups, and hid that the company would need an additional $1 billion to sustain growth. planned.
The truth came to light on March 24, 2022, when market researcher Blue Orca Capital released a report describing the company as “a near-fatal combination of stock promotion, laughable governance, a haemorrhagic brokerage firm and very questionable Ernon-type accounting”. and detailing the failures of the Company. On this news, shares of Li-Cycle fell around 5.6%, to close at $7.93 per share on March 24, 2022.
Next steps: If you have acquired shares of Li-Cycle Holdings Corp. (LICY) between February 16, 2021 and March 23, 2022, you have legal options. Contact us for more information on your rights.
All representation is done on a contingent fee basis. Shareholders do not pay any fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recoup losses, improving corporate governance structures and holding corporate executives company responsible for their wrongdoings since 2002. To be notified if a class action lawsuit against Li-Cycle Holdings Corp. installs or to receive free alerts when corporate executives commit wrongdoing, sign up for Watch Inventory today.
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