Why Loop Industries Dropped Again Today
Following a huge 33% drop yesterday, shares of Loop Industries (NASDAQ: LOOP) were off another 14% today before recovering later in the day. As of 3:20 p.m. EDT, shares are still down by about 5%.
Today, the company issued a response to a damaging report put out yesterday by short-seller Hindenburg Research.
The Hindenburg report claimed the plastics recycling technology company was "smoke and mirrors." It criticized CEO Daniel Solomita, and said his two sons, who act as lead scientists for Loop, "appear to have no post-graduate education in chemistry and list no work experience other than Loop," though they helped invent the recycling process technology.
Source Fool.com
