A shareholder of Loop Industries Inc. sued the recycling company and its executives for allegedly breaching their fiduciary duties by withholding information from investors before US authorities uncovered a pump-and-dump scheme.
The shareholder derivative complaint against the Quebec-based company, which recycles plastic, was brought Wednesday by Joshua Liebling in the US District Court for Nevada. The suit alleges securities law violations, breach of fiduciary duty, unjust enrichment and gross mismanagement.
The US Securities and Exchange Commission and Department of Justice brought securities fraud charges in late 2022 against a former Loop board member, Donald Danks, and others who allegedly ...
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