RM LAW, P.C. announces an investigation on behalf of Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) investors concerning the Company and its officers’ possible violations of federal securities laws.
If you purchased shares of Loop and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On October 13, 2020, Hindenburg Research issued a report titled "Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This Recycled Smoke And Mirrors Show." Hindenburg Research detailed a series of alarming red flags about Loop. Specifically, the report stated that Loop's stated technology breakthroughs are "fiction." Additionally, the report claimed, "A former Loop employee told us that Loop's scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the Company's process internally. We have obtained internal documents and photographs to support their claims."
Following this news, the Company’s share price fell over 32% to close at $7.83 per share on October 13, 2020.