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Loop Industries plunges 22% after a short-seller accused its patented plastic-recycling technology of being ‘very misleading’

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December 16, 2020
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Loop Industries plunges 22% after a short-seller accused its patented plastic-recycling technology of being ‘very misleading’
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trader surprised shocked upset

Reuters / Brendan McDermid

  • Loop Industries’ shares fell 22% on Tuesday after Hindenburg Analysis alleged the corporate’s plastic-recycling expertise is very deceptive.
  • The short-seller blasted Loop’s unbiased overview for utilizing the phrase “pure” loosely and for not offering any particulars on the financial viability of its technological course of.
  • “Info on purity with out price and yield is incomplete to the purpose of being irrelevant,” Hindenburg mentioned.
  • A chemistry specialist concluded that it will be mistaken to declare Loop’s course of as environment friendly and cost-effective based mostly on the data offered in its overview.
  • Visit Business Insider’s homepage for more stories.

Shares in plastic-recycler Loop Industries plummeted 22% on Tuesday after short-seller Hindenburg accused the company of misleading investors over its patented expertise.

Loop launched an independent review of its course of on Monday that Hindenburg mentioned not directly confirms the ineffectiveness of its so-called pure PET plastics constituted of “100% recycled content material.”

Though the overview was meant to focus on the effectiveness of Loop’s expertise, a disclaimer on the finish of the submitting states the verification was not supposed to validate the yields, or financial viability of the method. That, Hindenburg mentioned, exhibits its evaluation was largely meaningless.

“Info on purity with out price and yield is incomplete to the purpose of being irrelevant,” the report mentioned. Hindenburg mentioned a former Loop worker substantiated that declare, by saying the overview means nothing if quantitative features of the method are absent. 

Learn Extra: A JPMorgan income fund manager shares 12 high-dividend stocks set to gain from a broad cyclical recovery – and unpacks the strategy he uses to beat 93% of his peers

The short-seller referred to as out Loop for utilizing the phrase “pure” too usually in its overview. In Loop’s second-quarter SEC filing, the corporate claims its recycling course of has “constantly excessive monomer yields, glorious purity, and improved conversion prices.”

Hindenburg famous one other veteran chemistry specialist saying that Loop’s unbiased overview was “non-technical advertising and marketing materials” and “very deceptive.” He concluded that it’s mistaken to declare Loop’s course of as environment friendly and cost-effective based mostly on the data offered in its overview.

Hindenburg published a report in October that acknowledged Loop’s “revolutionary” expertise inflates its actual capabilities. That despatched the corporate’s shares decrease by 39% on the time. The short-seller has additionally referred to as out EV-makers Nikola and Chinese automaker Kandi for deceptive traders.

Loop Industries informed Enterprise Insider it stands by its expertise, which was rendered efficient by unbiased company Kemitek.

“These outcomes are according to earlier trials and testing evaluations of our expertise,” an organization spokesperson mentioned in an e-mail. “We stay up for shifting forward with our plans to carry our expertise to business scale with our companions.”

Learn Extra: Garvin Jabusch and Jeremy Deems doubled their portfolio this year by buying Moderna early. They shared 3 other biotech stocks poised to solve future outbreaks – and explained why they’re still bullish on the COVID-19-vaccine maker.



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