Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against QuantumScape Corporation (QS)

NEW YORK, Jan. 07, 2021 (GLOBE NEWSWIRE) – Gainey McKenna & Egleston announces a class action lawsuit has been filed against QuantumScape Corporation (“QuantumScape” or the “Company”) (NYSE: QS) in the US District Court for the Northern District of California on behalf of those who purchased or acquired QuantumScape’s securities between November 27, 2020 and December 31, 2020 inclusive (the “Class Period”). The lawsuit seeks to seek compensation for QuantumScape investors under federal securities laws.

The complaint alleges that defendants made false and / or misleading statements and / or failed to disclose that the company’s alleged success in terms of solid-state battery performance, battery life and energy density was and is unlikely to be significantly overrated Scale the technology to the multilayered cell required to power electric vehicles.

On January 4, 2021, an article was published on Seeking Alpha arguing that QuantumScape’s solid-state batteries “are totally unacceptable for EV in the real world”. Specifically, the article states that the battery “can only last 260 cycles, or about 75,000 miles of aggressive driving”. Since solid-state batteries are temperature sensitive, “the performance and cycle tests at 30 and 45 degrees above would have been significantly worse if only a few degrees lower.” In that news, the company’s share price fell $ 34.49, or about 40, 84% and closed at $ 49.96 per share on January 4, 2021.

Investors who have purchased or otherwise acquired QuantumScape stock during the class period should contact the company before March 8, 2021 Deadline for the main plaintiff’s motion. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. If you would like to discuss your rights or interests in relation to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. from Gainey McKenna & Egleston at (212) 983-1300 or by email at tjmckenna@gme-law.com or Gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the company.

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