Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against PureCycle Technologies, Inc. – PCT
05/14/2021 | 09:09pm EDT
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RADNOR, Pa., May 14, 2021 (GLOBE NEWSWIRE) The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Middle District of Florida against PureCycle Technologies, Inc. (NASDAQ: PCT) (“PureCycle”) f/k/a Roth CH Acquisition I Co. (“Roth Acquisition”) (NASDAQ: ROCH) on behalf of those who purchased or acquired PureCycle securities
between November 16, 2020 and May 5, 2021, inclusive (the “Class Period”).
Courtesy Photo
The company generated $64 million in revenue in the 2020 fiscal year, up 42% from 2019.
Reservoir Media earned $11.5 million in net income on $64 million in revenue in the fiscal year ended March 31, 2020, according to financial details in an investor presentation for the company s plans to become publicly traded later this year.
The reverse merger with Roth Acquisition II, a special purpose acquisition company (SPAC), was announced April 14. According to these documents, filed with the U.S. Securities and Exchange Commission on April 15, Roth Acquisition II shareholders would hold 15.5% of Reservoir under the deal.
Reservoir’s current shareholders will retain 59.9% of the company s 74 million shares after the merger. The anchor equity institutional investors, including Caledonia who made private investment in public equity (PIPE) deals will receive 20.3% of the company s shares. And Roth CH Acquisition II sponsors Roth Capital and Craig-Hallum will receive 3