Li-Cycle Holdings Corp.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Li-Cycle Holdings Corp. (“Li-Cycle” or the “Company”) (NYSE: LICY) securities during the period from June 14, 2022 through October 23, 2023 (the “Class Period”). Investors have until January 8, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On October 23, 2023, Li-Cycle announced that it would halt construction work on its Rochester Hub project pending a comprehensive review of the project including construction strategy, even though “engineering and procurement for the project are largely complete.” The Company disclosed the reason for halting construction was “escalating construction costs.” As a result, Li-Cycle expects the cost for the project “to exceed its previously disclosed guidance.” On this news, the price of Li-Cycle shares declined by $1.04 per share, or approximately 45.81%, from $2.27 per share to close at $1.23 on October 23, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Li-Cycle’s Rochester Hub was experiencing escalating construction costs; (ii) these “escalating construction costs” exceeded the expected aggregate cost of the project; and (iii) as a result, the Company would be forced to temporarily halt construction and reevaluate the construction strategy for the Rochester Hub.
On October 23, 2023, Li-Cycle announced that it would halt construction work on its Rochester Hub project pending a comprehensive review of the project including construction strategy, even though “engineering and procurement for the project are largely complete.” The Company disclosed the reason for halting construction was “escalating construction costs.” As a result, Li-Cycle expects the cost for the project “to exceed its previously disclosed guidance.” On this news, the price of Li-Cycle shares declined by $1.04 per share, or approximately 45.81%, from $2.27 per share to close at $1.23 on October 23, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Li-Cycle’s Rochester Hub was experiencing escalating construction costs; (ii) these “escalating construction costs” exceeded the expected aggregate cost of the project; and (iii) as a result, the Company would be forced to temporarily halt construction and reevaluate the construction strategy for the Rochester Hub.