Grabar Law Office Investigates Claims on Behalf of Shareholders of Loop Industries, Inc. (LOOP) After Securities Fraud Class Action Settles for $3.1 Million

Philadelphia, Pennsylvania--(Newsfile Corp. - May 12, 2023) - A securities fraud class action complaint alleged that Loop (NASDAQ: LOOP) through certain of its officers and directors, made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects, including: (1) that Loop scientists were encouraged to misrepresent the results of Loop's purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop's announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, Defendants' positive statements about Loop's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On January 5, 2023, the Court granted final approval of the $3.1 million cash settlement.

Current Loop Industries shareholders who have held Loop shares since at least September 24, 2018, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.

If you would like to learn more about this matter, you are encouraged visit https://grabarlaw.com/the-latest/loop-shareholder-investigation/, to contact us at jgrabar@grabarlaw.com, or call Joshua Grabar at 267-507-6085.

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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165871