[ad_1]
NEW YORK, April 17, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Volta, Inc. (NYSE:VLTA), Embark Technology, Inc. (NASDAQ:EMBK), Lucid Group, Inc. (NASDAQ:LCID), and Stronghold Digital Mining, Inc. (NASDAQ:SDIG). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Volta, Inc. (NYSE:VLTA)
Class Period: August 2, 2021 – March 28, 2022
Lead Plaintiff Deadline: May 31, 2022
On August 26, 2021, Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination pursuant to which the combined entity was named Volta Inc. (the “Business Combination”).
On March 2, 2022, after the market closed, Volta revealed that the financial impact of the restatement of its third quarter 2021 financial results was greater than previously disclosed, expecting to report a net loss of $69.7 million for the quarter. On this news, the Company’s share price fell $0.11, or 2.6%, to close at $4.01 per share on March 3, 2022, on unusually heavy trading volume.
Then, on March 21, 2022, Volta announced that it would reschedule its fourth quarter and full year 2021 financial results. On this news, the Company’s share price fell $0.38, or 8.4% to close at $4.12 per share on March 21, 2022, on unusually heavy trading volumes.
Then, on March 28, 2022, Volta announced that its founders, Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and President, respectively, and from the Board of Directors of the Company. On this news, the Company’s share price fell $0.76, or 18%, to close at $3.37 per share on March 28, 2022, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Volta had improperly accounted for restricted stock units issued in connection with the Business Combination; (2) that, as a result, the Company had understated its net loss for third quarter 2021; (3) that there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) that, as a result of the foregoing, the Company would restate …
Full story available on Benzinga.com
[ad_2]
Source link
