GlobeNewswire Inc | Nov 24, 2020 11:00AM EST

November 24, 2020

LOS ANGELES, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingDecember 14, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Loop Industries, Inc. (Loop or the Company) (NASDAQ: LOOP) securities between September 24, 2018 and October 12, 2020, inclusive (the Class Period).

If you suffered a loss on your Loop investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your information at https://www.glancylaw.com/cases/loop-industries-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On October 13, 2020, Hindenburg Research published a report alleging, among other things, that [a] former Loop employee told us that Loops scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the companys process internally. We have obtained internal documents and photographs to support their claims. The report also stated that Loops previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were technically and industrially impossible, according to a former employee. Moreover, the report alleged that Executives from a division of key partner Thyssenkrupp, who Loop entered into a global alliance agreement with in December 2018, told us their partnership is on indefinite hold and that Loop underestimated both costs and complexities of its process.

On this news, the Companys stock price fell $3.78, or over 32%, to close at $7.83 per share on October 13, 2020, thereby injuring investors.

Then, on October 16, 2020, after the market closed, Loop disclosed that it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) for information regarding testing, testing results and details of results from [Loops] Gen I and Gen II technologies and certain of [its] partnerships and agreements.

On this news, the Companys stock price fell as much as 7% in intraday trading on October 19, 2020, the first trading session after the SEC subpoena was disclosed.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors that:(1) Loop scientists were encouraged to misrepresent the results of Loops purportedly proprietary process; (2) Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) as a result, Loop was unlikely to realize the purported benefits of Loops announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Loop securities during the Class Period, you may move the Court no later than December 14, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish tolearn moreabout this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles H. Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email toshareholders@glancylaw.com, or visit our website atwww.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

ContactsGlancy Prongay & Murray LLP, Los AngelesCharles H. Linehan, 310-201-9150 or 888-773-92241925 Century Park East, Suite 2100Los Angeles, CA 90067 www.glancylaw.com shareholders@glancylaw.com