Pomerantz LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Securities of PureCycle Technologies, Inc. - PCT

ORLANDO, Fla., July 01, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that the United States District Court for the Middle District of Florida has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of PureCycle Technologies, Inc. (NASDAQ: PCT):

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND FINAL APPROVAL HEARING

TO:    ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED PURECYCLE SECURITIES1 BETWEEN NOVEMBER 16, 2020 AND NOVEMBER 10, 2021, BOTH DATES INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Middle District of Florida, that a hearing will be held on October 8, 2024, at 10:00 a.m. before the Honorable Paul G. Byron, United States District Judge of the Middle District of Florida, 401 West Central Boulevard, Courtroom 4B, Orlando, Florida 32801, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $12,000,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one-third of the Settlement Amount ($4,000,000) plus interest, reimbursement of expenses of not more than $400,000, and a Compensatory Award to Lead Plaintiffs of no more than $60,000 collectively (or $30,000 each) should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement dated May 6, 2024 (the “Settlement Stipulation”).2

If you purchased or otherwise acquired Purecycle Securities between November 16, 2020 and November 10, 2021, both dates inclusive (the “Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Purecycle Securities. If you have not received a detailed Notice Of Proposed Settlement Of Class Action, Motion For Attorneys’ Fees And Expenses, And Final Approval Hearing (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by visiting http://www.strategicclaims.net/purecycle or by contacting the Claims Administrator toll-free at (866) 274-4004 or at info@strategicclaims.net. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form postmarked no later than September 12, 2024, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than September 12, 2024, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than September 17, 2024, by each of the following:

If you have any questions about the Settlement, you may visit http://www.strategicclaims.net/purecycle or write to Lead Counsel at the above address.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

1 “PureCycle Technologies, Inc.,” “PureCycle,” or “the Company” shall mean PureCycle Technologies, Inc. and any of its predecessors, affiliates, or subsidiaries, including but not limited to PureCycle Technologies LLC or Roth CH Acquisition I Co. (“ROCH”). During the Class Period, until March 17, 2021, the common stock of ROCH traded on the NASDAQ under the ticker symbol “ROCH,” the warrants to purchase the common stock of ROCH traded on the NASDAQ under the ticker symbol “ROCHW,” and the units comprised of ROCH common stock and warrants traded on the NASDAQ under the ticker symbol “ROCHU.” Following the March 16, 2021 shareholder approval of the merger and the March 17, 2021 closing of the merger, PureCycle common stock trades on the NASDAQ under the ticker symbol “PCT,” the warrants to purchase its common stock trade on the NASDAQ under the ticker symbol “PCTTW,” and units comprised of PCT common stock and warrants trade on the NASDAQ under the ticker symbol “PCTTU.” As further described in the Stipulation of Settlement, these are all included within the definition of PureCycle Securities.

2 Defendants deny any and all allegations of wrongdoing, fault, liability, or damage whatsoever asserted by Lead Plaintiffs, including but not limited to, the allegations that Lead Plaintiffs or the Settlement Class have suffered damages or that Lead Plaintiffs or the Settlement Class were harmed by the conduct alleged in the Action. Defendants continue to believe the claims asserted against them in the Action are without merit.