Kessler Topaz Meltzer & Check, LLP Announces Securities Fraud Class Action Lawsuit Filed Against QuantumScape Corporation
RADNOR, PA / ACCESSWIRE / February 4, 2021 / Law firm Kessler Topaz Meltzer & Check, LLP is reminding QuantumScape Corporation (NYSE: QS) (“QuantumScape”) investors that there is a class action lawsuit for securities fraud on behalf of those who purchased or otherwise acquired QuantumScape publicly traded securities between November was submitted on December 27, 2020 and December 31, 2020 inclusive (the “Class Period”).
Investors who have purchased or otherwise acquired QuantumScape publicly traded securities during the Class Period may apply for appointment as the Class Lead Prosecutor no later than March 8, 2021. 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; by email firstname.lastname@example.org; 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, 2020, QuantumScape announced a merger with Kensington. Upon completion of the transaction, QuantumScape would receive $ 1 billion in funding, including funding from VGA and the Qatar Investment Authority. This transaction closed on November 27, 2020 and QuantumScape Class A common stock and warrants were traded on the NYSE.
On January 4, 2021, ahead of the store’s opening, Seeking Alpha released a research report entitled “QuantumScape Solid State Batteries Have Significant Engineering Hurdles.” In the introduction to the Seeking Alpha report, it was 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. “
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Following the news, market prices for QuantumScape publicly traded securities fell sharply, with QuantumScape’s Class A common stock falling more than 63% to 49.96 from its class period high of more than $ 131 per share on December 22, 2020 USD per share fell on January 4, 2021, including a one-day decline of more than $ 34 per share, or 41%, on January 4, 2021.
The complaint alleges that throughout the class period, Defendants misrepresented and / or failed to disclose to investors that: (a) QuantumScape’s battery technology was inadequate for EV performance because it could not withstand the harsh automotive environment; (b) QuantumScape’s battery technology likely did not provide any significant improvement over existing battery technology. (c) The successful commercialization of QuantumScape’s battery technology was exposed to significantly greater risks and uncertainties than Defendants disclosed. and (d) as a result of the foregoing, Defendants have materially overestimated the value and prospects of QuantumScape’s battery technology.
QuantumScape Investors can attempt to be principal agent of the class by March 8, 2021 at the latest, through Kessler Topaz Meltzer & Check, LLP, or other attorney, or they can 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 pursues class action lawsuits in state and federal courts across the country that include securities fraud, fiduciary violations, and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force in corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around 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. Further information on Kessler Topaz Meltzer & Check can be found at 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
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