LICY INVESTOR DEADLINE: Robbins Geller Rudman & Dowd LLP Announces that Li-Cycle Holdings Corp. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
News provided byRobbins Geller Rudman & Dowd LLP
Nov 21, 2023, 9:36 AM ET
SAN DIEGO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Li-Cycle Holdings Corp. (NYSE: LICY) securities between June 14, 2022 and October 23, 2023, both dates inclusive (the “Class Period”), have until January 8, 2024 to seek appointment as lead plaintiff of the Li-Cycle class action lawsuit. Captioned Davis v. Li-Cycle Holdings Corp., No. 23-cv-09894 (S.D.N.Y.), 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 substantial losses and wish to serve as lead plaintiff of the Li-Cycle class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Li-Cycle is a battery resource recovery company and lithium-ion battery recycler. According to the complaint, Li-Cycle seeks to open post-processing facilities to process black mass, and its first facility is being constructed in Rochester, New York (the “Rochester Hub”).
The Li-Cycle class action lawsuit alleges that defendants during the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Li-Cycle’s Rochester Hub was experiencing escalating construction costs; (ii) these “escalating construction costs” exceeded the expected aggregate cost of the project; and (iii) as a result, Li-Cycle would be forced to temporarily halt construction and reevaluate the construction strategy for the Rochester Hub.
The Li-Cycle class action lawsuit further alleges that on October 23, 2023, Li-Cycle announced that it would halt construction on the Rochester Hub project pending a comprehensive review of the project, including construction strategy, even though “engineering and procurement for the project are largely complete.” Li-Cycle disclosed that it had “recently experienced escalating construction costs” and now “expects the aggregate cost for the current scope of the project to exceed its previously disclosed guidance,” according to the complaint. The Li-Cycle class action lawsuit alleges that on this news, the price of Li-Cycle shares fell nearly 46%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Li-Cycle securities during the Class Period to seek appointment as lead plaintiff of the Li-Cycle class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Li-Cycle class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Li-Cycle class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Li-Cycle class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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