QUANTUMSCAPE ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against QuantumScape Corporation and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, has announced that QuantumScape Corporation (NYSE: QS) has securities in the U.S. District Court for the Northern District of California on behalf of investors between November 27, 2020 and December 31, 2020 (the “Class Period”). Investors have until March 8, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On January 4, 2021, an article was published on Seeking Alpha highlighting various risks with QuantumScape’s solid-state batteries that make it “totally unacceptable for EVs in the real world.” Specifically, it states that battery performance means it 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 they had run just a few degrees lower.”
In that news, the company’s stock price fell $ 34.49, or approximately 40.84%, to close at $ 49.96 per share on January 4, 2021.
The complaint, filed on January 5, 2021, alleges that throughout the teaching period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. In particular, Defendants have failed to advise investors: (1) that the Company’s alleged success in solid-state battery performance, battery life and energy density was significantly overrated; (2) it is unlikely that the company will be able to scale its technology to the multilayer cell required to power electric vehicles; and (3) that Defendants’ positive statements about the Company’s business, operations and prospects as a result of the foregoing were materially misleading and / or unfounded.
If you have purchased QuantumScape securities during the class period and suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker , Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.