Kessler Topaz Meltzer & Check, LLP Alerts Shareholders of Securities Class Action Lawsuit Against QuantumScape Corporation
RADNOR, Pa., February 16, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action has been filed against QuantumScape Corporation (NYSE: QS; QS.WS) (“QuantumScape”), f / k / a, Kensington Capital Acquisition Corp. (“Kensington”) on behalf of those who have purchased or acquired QuantumScape securities between November 27, 2020 and December 31, 2020including (the “Class Period”).
Deadline Reminder: Investors who have purchased or acquired QuantumScape securities during the class period can request no later than March 8, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to [email protected];; or click on https://www.ktmc.com/quantumscape-corporation-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=qunatumscape
According to the complaint, QuantumScape develops and markets solid-state lithium-metal batteries for electric vehicles (“EVs”). In 2012, QuantumScape began working with Volkswagen Group of America, Inc. (“Volkswagen”) and Volkswagen Group of America Investments, LLC (“VGA”) to develop an EV battery. Volkswagen, VGA and QuantumScape announced in 2018 the establishment of a joint production project to prepare solid-state batteries for mass production. On September 3, 2020QuantumScape announced a merger with Kensington. Upon completion of the transaction, QuantumScape would be obtained $ 1 billion in funding, including funding from VGA and the Qatar Investment Authority. This transaction was completed on November 27, 2020QuantumScape’s Class A common stock and warrants were traded on the NYSE.
The complaint alleges that on January 4, 2021Prior to opening retail, Seeking Alpha released a research report entitled “QuantumScape Solid State Batteries Have Significant Engineering Hurdles.” The launch of the Seeking Alpha report emphasized that “the science of QuantumScape is very good.[b]But their batteries are small and unproven – not yet as big as an iWatch battery and have never been tested outside of a lab.[t]There are significant risks associated with solid-state batteries here, which have not been overcome “and to stress this”.[t]They will likely never get what they claim to be performing. “Following the news, market prices for QuantumScape publicly traded securities fell sharply, with QuantumScape’s Class A common stock falling more than 63% from its class period high $ 131 per share on December 22, 2020 to close at $ 49.96 per share on January 4, 2021, including a one-day decline of more than $ 34 per share or 41% January 4, 2021.
QuantumScape investors can at the latest March 8, 2021, attempt to be named the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other federal and state law violations. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and individual investors The United States and all over the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP