UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported)
October 13, 2020
LOOP INDUSTRIES, INC.
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(Exact
name of registrant as specified in its charter)
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Nevada
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000-54786
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27-2094706
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(State
or other jurisdictionof incorporation)
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(CommissionFile
Number)
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(IRS
EmployerIdentification No.)
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480 Fernand Poitras
Terrebonne, Quebec, Canada, J6Y 1Y4
(Address
of principal executive offices, including zip code)
(450) 951-8555
(Registrant’s
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐ Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common
stock, par value $0.0001 per share
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LOOP
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Nasdaq
Global Market
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter)
.Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On
October 15, 2020, Loop Industries, Inc. (the “Company”)
received a subpoena from the U.S. Securities and Exchange
Commission (“SEC”) requesting certain information from
the Company, including information regarding testing, testing
results and details of results from our Gen I and Gen II
technologies and certain of our partnerships and agreements. The
SEC informed the Company that its investigation does not mean that
the SEC has concluded that anyone has violated the law and that the
investigation does not mean that the SEC has a negative opinion of
the Company.
On
October 13, 2020, the Company and certain of its officers were
named as defendants in a purported class action lawsuit filed in
the United States District Court for the Southern District of New
York, captioned Olivier Tremblay,
Individually and on Behalf of All Other Similarly Situated v. Loop
Industries, Inc., Daniel Solomita, and Nelson Gentiletti,
Case No. 7:20-cv-0838. The allegations in the complaint claim that
the defendants violated Sections 10(b) and 20(a) and Rule 10b-5 of
the Securities Exchange Act of 1934 by making materially false
and/or misleading statements, as well as failing to disclose
material adverse facts about the Company’s business,
operations, and prospects, which caused the Company’s
securities to trade at artificially inflated prices. Plaintiff
seeks damages on behalf of a class of purchasers of Loop’s
securities between September 24, 2018 and October 12,
2020.
On
October 13, 2020, the Company, Loop Canada Inc. and certain of
their officers and directors were named as defendants in a proposed
securities class action filed in the Superior Court of Québec
(District of Terrebonne, Province of Québec, Canada), in file
no. 700-06-000012-205. The Application for authorization of a class
action and for authorization to bring an action pursuant to section
225.4 of the Québec Securities Act was filed by an
individual shareholder on behalf of himself and a class of buyers
who purchased the Company securities during the “Class
Period” (not defined). Plaintiff alleges that throughout the
Class Period, the defendants made false and/or misleading
statements and failed to disclose material adverse facts concerning
the Company’s technology, business model, operations and
prospects, thus causing the Company’s stock price to be
artificially inflated and thereby causing plaintiff to suffer
damages. Plaintiff seeks damages stemming from losses he claims to
have suffered as a result of the foregoing.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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LOOP INDUSTRIES, INC.
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Date:
October 16, 2020
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By:
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/s/ Daniel Solomita
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Daniel
Solomita
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Chief
Executive Officer and President
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