NEW
YORK, May 6, 2022 /PRNewswire/ -- Jakubowitz Law
announces that a securities fraud class action lawsuit has
commenced on behalf of shareholders of Li-Cycle Holdings Corp.
f/k/a Peridot Acquisition Corp. (NYSE: LICY).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/li-cycle-holdings-corp-loss-submission-form/?id=26838&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Li-Cycle between February 16,
2021 and March 23, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
June 20, 2022 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, Li-Cycle Holdings Corp. f/k/a
Peridot Acquisition Corp. issued 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 working capital financial to the Company while Traxys
tries to sell Li-Cycle's product to end customers; (2) the Company
engaged in highly questionable related party transactions; (3) the
Company's mark-to-model accounting is vulnerable to abuse and gave
a false impression of growth; (4) a significant portion of the
Company's reported revenues were derived from simply marking up
receivables on products that had not been sold; (5) the Company's
gross margins have likely been negative since inception; (6) the
Company will require an additional $1
billion of funding to support its planned growth (which is a
figure greater than the Company raised via the merger); and (7) as
a result, Defendants' public statements were materially false
and/or misleading at all relevant times.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law