GlobeNewswire Inc | Nov 16, 2020 04:49PM EST

November 16, 2020

SAN FRANCISCO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges Loop Industries, Inc. (NASDAQ LOOP) investors with significant losses to submit your losses now.

ClassPeriod: Sept. 24, 2018 - Oct. 12, 2020Lead Plaintiff Deadline: Dec. 14, 2020Visitwww.hbsslaw.com/investor-fraud/LOOPContact An Attorney NowLOOP@hbsslaw.com|844-916-0895

Loop (LOOP) Securities Fraud Class Action

The complaint alleges that Loop made false and misleading statements about its purportedly proven technology that breaks down PET plastic to its base chemicals at a recovery rate of 100%. The complaint also alleges that Loop misrepresented its partnerships with key customers.

Specifically, the complaint alleges that Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loops 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 Loops announced partnerships with Indorama and Thyssenkrupp.

Investors allegedly began to learn the truth on Oct. 13, 2020, when Hindenburg Research published a report concluding Loop is smoke and mirrors with no viable technology.Hindenburg reported that: (i) Loops technology is no more efficient or cost effective than traditional PET recycling methods and its previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were technically and industrially impossible; (ii) under pressure from CEO Daniel Solomita, Loops scientists were tacitly encouraged to lie about the results of the Companys process internally; and (iii) the Indorama partnership has not even been finalized, and the Thyssenkrupp partnership is on indefinite hold.

Following Hindenburgs report, the price of Loop shares crashed on Oct. 13, 2020.

Most recently, on Oct. 16, 2020 Loop announced the SEC subpoenaed the Company seeking information regarding testing, testing results and details of results about its technologies, partnerships and agreements, sending the price of Loop shares crashing again.

Were focused on investors losses and proving Loop misrepresented its technological capabilities, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a Loop Industries investor and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Loop Industries should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LOOP@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

ContactReed Kathrein, 844-916-0895