SAN DIEGO, April 27, 2022 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. (NYSE:LICY, LICY.WS))) publicly traded securities between February 16, 2021 and March 23, 2022, both dates inclusive (the "Class Period") have until June 21, 2022 to seek appointment as lead plaintiff in Barnish v. Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp., No. 22-cv-02222 (E.D.N.Y.). Commenced on April 19, 2022, the Li-Cycle class action lawsuit charges Li-Cycle as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the Li-Cycle class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Li-Cycle class action lawsuit must be filed with the court no later than June 21, 2022.
CASE ALLEGATIONS: Li-Cycle is the leading lithium-ion battery recycler in North America. On August 10, 2021, Li-Cycle merged with Peridot Acquisition Corp., a special purpose acquisition company ("SPAC") also called a blank check company. Prior to the merger, Peridot traded on the NYSE under the ticker symbols PDAC, PDAC.U, and PDAC WS.
The Li-Cycle class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Li-Cycle's largest customer, Traxys North America LLC, is not actually a customer, but merely a broker providing working capital financial to Li-Cycle while Traxys tries to sell Li-Cycle's product to end customers; (ii) Li-Cycle engaged in highly questionable related party transactions; (iii) Li-Cycle's mark-to-model accounting is vulnerable to abuse and gave a false impression of growth; (iv) a significant portion of Li-Cycle's reported revenues were derived from simply marking up receivables on products that had not been sold; (v) Li-Cycle's gross margins have likely been negative since inception; (vi) Li-Cycle will require an additional $1 billion of funding to support its planned growth (which is a figure greater than Li-Cycle raised via the merger); and (vii) as a result, defendants' public statements were materially false and/or misleading at all relevant times.
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
[email protected]
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