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Company profile

GreenGro Technologies, Inc. (GreenGro) provides green technologies focusing on indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. The Company provides manufacturing and sale of vertical cultivation systems and facilities design. Its operating divisions include GRNH, Vertical Hydrogarden, Inc. (VHI) and BP Gardens. GRNH provides design and consulting services to all agricultural divisions, including legalized Cannabis operations. It provides knowledge on designs and systems to maximize production for every crop cycle. VHI is a supplier of green agriculture products, including hydroponics, advanced nutrients, and vertical cultivation technology systems design and sales. VHI also offers leasing and finance solutions, operational and maintenance consulting, and planning services. BP Gardens uses methods to protect crops from detrimental environmental elements while generating market ready leafy green produce year-round in any climate.

Closing Price
$0.0156
Day's Change
-0.0006 (-3.80%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.0195
Day's Low
0.0145
Volume
(Heavy Day)
Volume:
17,904,867

10-day average volume:
14,848,964
17,904,867

Loop Class Action Reminder

10:23 am ET November 14, 2020 (Newsfile) Print

New York, New York--(Newsfile Corp. - November 14, 2020) - If you suffered losses exceeding $100,000 investing in Loop stock or options between September 24, 2018 and October 12, 2020 and would like to discuss your legal rights, click here:www.faruqilaw.com/LOOP or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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There is no cost or obligation to you.

Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Loop Industries, Inc. ("Loop" or the "Company") (NASDAQ:LOOP) and reminds investors of the December 14, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

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As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that Loop scientists were encouraged to misrepresent the results of Loop's purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop's announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Specifically, on October 13, 2020, Hindenburg Research published a report alleging, among other things, that "[a] former Loop employee told us that Loop's scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company's process internally. We have obtained internal documents and photographs to support their claims."

Moreover, the report alleged that "Executives from a division of key partner Thyssenkrupp, who Loop entered into a 'global alliance agreement' with in December 2018, told us their partnership is on 'indefinite' hold and that Loop 'underestimated' both costs and complexities of its process."

On this news, the Company's share price fell $3.78, or over 32%, to close at $7.83 per share on October 13, 2020, thereby damaging investors.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Loop's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68205

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