Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Volta Inc.
The lawsuit seeks to recover losses for shareholders who purchased Volta between August 2, 2021 and March 28, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until May 31, 2022 to petition the court. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
According to a filed complaint, Volta Inc. issued materially false and/or misleading statements and/or failed to disclose that: (1) Volta had improperly accounted for restricted stock units issued in connection with the business combination of Volta Industries, Inc. (“Legacy Volta”) and Tortoise Acquisition Corp. II; (2) as a result, the Company had understated its net loss for third quarter 2021; (3) there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) as a result of the foregoing, the Company would restate its financial statements; (5) as a result of the foregoing, Legacy Volta’s founders would imminently exit the Company; (6) as a result, the Company’s financial results would be adversely impacted; and (7) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
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