NEW YORK, May 11, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Volta Inc. (“Volta” or the “Company”) (NYSE: VLTA; VLTA WS) and certain of its officers. The class action lawsuit, filed The United States District Court for the Northern District CaliforniaRegistered Number 22-cv-02730, is on behalf of a class consisting of all persons and entities other than the Defendants who purchased or otherwise acquired Volta Securities August 2, 2021 and March 28, 2022, inclusive (the “Class Period”). Plaintiff is pursuing claims against defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased or otherwise acquired Volta securities during the Class Period, you have until May 31, 2022 to ask the court to appoint you as lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S Willoughby at the [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, ext. 7980. Persons inquiring by email are asked to provide their mailing address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
Volta works with real estate and retail companies to locate and deploy its electric vehicle charging stations. The Company generates revenue from advertising on its content-driven charging stations, installing and maintaining the charging stations, and providing power to the charging stations.
on August 26, 2021Volta Industries, Inc. (“Legacy Volta”), a private company, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination, after which the combined company was named Volta Inc. (the “Business Combination”) “).
The Complaint alleges that the Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies throughout the Class Period. Specifically, the defendants made false and/or misleading statements and/or failed to disclose: (1) that Volta failed to properly account for restricted stock units issued in connection with the business combination; (2) that the Company had consequently understated its third quarter 2021 net loss; (3) that there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) that the Company would restate its financial statements as a result of the foregoing; (5) that the founders of Legacy Volta would retire immediately as a result of the foregoing; (6) that it would adversely affect the Company’s financial results; and (7) that as a result of the foregoing, defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked any reasonable basis.
on March 2, 2022after the market closed, Volta announced that the financial impact of the restatement of its third quarter 2021 financial results was greater than previously announced and expected a net loss of $69.7 million for the quarter.
As a result of this news, the company’s share price fell $0.11or 2.6% to close $4.01 per share March 3, 2022on unusually strong trading volume.
Then further March 21, 2022Volta announced that it would defer its fourth quarter and full year 2021 financial results.
As a result of this news, the company’s share price fell $0.38or 8.4% at the end $4.12 per share March 21, 2022on unusually strong trading volume.
Then further March 28, 2022Volta announced that its founders, Scott Mercer and Christopher Wendelhad resigned from their positions as Chief Executive Officer and President, respectively, and from the Company’s Board of Directors.
As a result of this news, the company’s share price fell $0.76or 18% to close $3.37 per share March 28, 2022on unusually strong trading volume.
Pomerantz LLP, with offices in new York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Chamber, Pomerantz pioneered securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com
Robert S Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP