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Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of QuantumScape Corporation. (“QuantumScape” or the “Company”) (NYSE: QS) from November 27, 2020 through December 31, 2020 (the “Class Period”).
If you purchased QuantumScape securities and would like to discuss your legal rights and/or options please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of QuantumScape Corporation. (“QuantumScape” or the “Company”) (NYSE: QS) from November 27, 2020 through December 31, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period the 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 that : (i) the Company’s purported success related to its solid-state battery power, battery life, and energy density were significantly overstated; (ii) the Company is unlikely to be able to scale its technology to the multi-layer cell necessary to power electric vehicles; and (iii) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 4, 2021, an article was published on Seeking Alpha. That article pointed to a number of risks associated with QuantumScape’s solid state batteries. These risk make QuantumScape’s batteries “completely unacceptable for real world field electric vehicles.” The article specifically stated that QuantumScape’s battery’s power meant it would “only last for 260 cycles or about 75,000 miles of aggressive driving.”
On this news, the price of QuantumScape’s shares fell $34.49 or approximately 40.84% to close at $49.96 per share on January 4, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than March 8, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Matthew E. Guarnero
Bernstein Liebhard LLP