The Schall Law Business, a nationwide shareholder rights litigation agency, announces that it is investigating claims on behalf of traders of Li-Cycle Holdings Corp. (“Li-Cycle&CloseCurlyDoubleQuote or “the Firm&CloseCurlyDoubleQuote) (NYSE: LICY) for violations of the securities guidelines.
The investigation focuses on regardless of whether the Company issued false and/or misleading statements and/or unsuccessful to disclose info pertinent to buyers. Li-Cycle is the topic of a investigate report printed by Blue Orca Funds on March 24, 2022. According to the report, the Enterprise is “a in close proximity to fatal mix of stock promotion, laughable governance, a damaged enterprise hemorrhaging funds, and highly questionable Enron-like accounting.&CloseCurlyDoubleQuote The report alleges that, “Li-Cycle recognizes revenues utilizing an Enron-like mark-to-model accounting gimmick. Li-Cycle recognizes revenues months prior to the genuine revenue of its recycled black mass, primarily based on its personal provisional estimate of the long run value of the product. This accounting treatment method is plainly vulnerable to abuse, giving Li-Cycle discretion above its described revenues. We suspect that below this framework, Li-Cycle marks up the value of its receivables on unsold items and runs the gains through its revenue line.&CloseCurlyDoubleQuote Based on this report, shares of Li-Cycle fell by 5.6% on the exact working day.
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