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