Canada Live NEWS – 24/7 Breaking Headlines & Updates Canada Live News is one of the largest news curating sites across Canada which is made exclusively for Canadian people.
In the midst of the turmoil, Quebec-based Loop Industries revealed on Friday that a US regulatory body ordered it to send documents on its plastic recycling technologies, which were attacked head-on in a damning report released Tuesday.
• Read also: A damning report for a local business
• Read also: An internal investigation by giant Danone on Loop Industries
In a “subpoena” sent Thursday to Loop, the Securities and Exchange Commission (SEC), the policeman of financial markets in the United States, asked the Terrebonne company for “information” on its laboratory tests and on the results. of the tests that led to it. The SEC also wants more “details” on the results related to Loop’s Gen I and Gen II technologies as well as the partnerships and commercial agreements entered into by the company, notably with giants like PepsiCo, Danone and Coca-Cola European. Partners.
This is what Loop said in a document filed with the SEC on Friday.
The revelation caused Loop’s Nasdaq stock to dip more than 5% in post-market trading.
In a detailed report released on Tuesday, Hindenburg Research, which has a short position in Loop, argues that the company’s technologies are worth nothing.
