2022-05-30 | NYSE:LICY | Press release
New York, New York–(Newsfile Corp. – May 30, 2022) – The Law Offices of Vincent Wong announces that a class action lawsuit has been filed on behalf of investors who purchased Li-Cycle Holdings Corp. f/k/a Peridot Acquisition Corp. (“Li-Cycle”) (NYSE: LICY) between February 16, 2021 and March 23, 2022.
If you have suffered a claim, contact us via the link below. There is no cost or obligation for you.
The allegations against LICY include that the company made materially false and/or misleading statements and/or failed to disclose that: (1) Li-Cycle’s largest customer, Traxys, is not actually a customer, but merely a broker providing financial working capital to the Company while Traxys attempts to sell Li-Cycle’s product to end customers; (2) the Company has engaged in transactions with highly questionable related parties; (3) the Company’s mark-to-model accounting is vulnerable to abuse and gives a false impression of growth; (4) a significant portion of the Company’s reported revenue was derived simply from gross up receivables on products that had not been sold; (5) the gross margins of the Company have probably been negative since its inception; (6) the Company will need an additional $1 billion in funding to support its expected growth (which is more than the Company raised through the merger); and (7) as a result, the defendants’ public statements were materially false and/or misleading at all relevant times.
If you suffered a loss in Li-Cycle, you have up to June 20, 2022 ask the court to appoint you as the main plaintiff. Your ability to participate in any collection does not require you to serve as the lead plaintiff.
Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigation involving financial fraud and violations of shareholder rights. Lawyer advertisement. Prior results do not guarantee similar results.
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125888