Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On October 13, 2020, Hindenburg Research released a scathing report claiming that plastics recycling company Loop Industries, Inc.has no viable technology and may never generate meaningful revenue. The report alleged that several former Loop employees say the company’s recycling claims are “technically and industrially impossible,” and that scientists were regularly pressured to lie about their results. Following this report, Loop shares plummeted 32%, causing significant harm to investors.
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Loop Stock Plummets 32% After Scathing Report by Hindenburg Research
Hindenburg Research released a report alleging that Loop Industries, Inc. has misled investors and major corporate partners about its ability to recycle a clear lightweight form of plastic called PET, commonly found in drink bottles and other food and beverage packaging.
The report alleges that Loop’s lead scientists are a father and two sons with no formal chemistry education who operate in a second, secret lab that is off-limits to rank and file workers. According to the report, former scientists at Loop say they were never allowed to see the lead scientists’ methods and were pressured to lie about their own results. While Loop claimed in a June 2016 report that it could break PET down into its base chemicals at a recovery rate of 100%, a former employee quoted in the Hindenburg report insists that by October 2016, the company couldn’t even repeatably achieve a recovery rate above 90%.
On this news, Loop’s stocks dropped 32% by close of trading on Tuesday October 13, 2020, causing significant harm to investors.
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Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
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