E&C House Members Question Energy Department Over Loan to Li-Cycle Holdings (LICY) Amid Securities Class Action Suit - Hagens Berman

SAN FRANCISCO, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Li-Cycle Holdings Corp. (NYSE: LICY) investors who suffered substantial losses to submit your losses now.

Class Period: June 14, 2022 – Oct. 23, 2023
Lead Plaintiff Deadline: Jan. 8, 2024
Visit: www.hbsslaw.com/investor-fraud/LICY
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Li-Cycle Holdings Corp. (NYSE: LICY) Securities Fraud Class Action:

On Dec. 4, 2023, members of the House Energy and Commerce Committee members wrote to Department of Energy Loan Programs Officer (LPO) Director Jigar Shah, questioning the LPO’s $375 million conditional loan commitment to Li-Cycle, a company’s whose stock has recently tanked on news it was halting construction on the Rochester hub.

Among their concerns, the E&C cited securities class action litigation brought by investors against Li-Cycle.

The complaint there alleges that Li-Cycle mispresented and concealed that: (1) the Rochester Hub was experiencing escalating construction costs; (2) these escalating costs exceeded the expected aggregate cost of the project; and (3) as a result, the company would be forced to temporarily halt construction and reevaluate the Rochester Hub construction strategy.

Investors learned the truth on Oct. 23, 2023, when Li-Cycle announced that it has paused construction at the Rochester Hub. The company claimed that construction costs have risen, and building will not be resumed until the company completes a strategic review of the project.

This news drove the price of Li-Cycle shares down $1.04, or about 45%, on Oct. 23, 2023.

“We’re investigating whether Li-Cycle may have made misleading statements and failed to disclose rising construction costs for the Rochester Hub,” says Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.

If you invested in Li-Cycle Holdings and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Li-Cycle case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Li-Cycle Holdings 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 [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

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Contact:
Reed Kathrein, 844-916-0895