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, filed in United States District Court for the Northern District of Californiaand registered under 22-cv-02730, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired Volta securities between 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 securities of Volta during the Class Period, you have until May 31, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby to [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
Volta is partnering with real estate and retail companies to locate and deploy its electric vehicle charging stations. The Company derives revenue from advertising on its content-driven charging stations, installing and maintaining the charging stations and delivering electricity to the charging stations.
On August 26, 2021Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination pursuant to which the combined entity was named Volta Inc. (the “Business Combination”).
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, the defendants made false and/or misleading statements and/or failed to disclose: (1) that Volta improperly accounted for the restricted stock units issued in connection with the business combination; (2) that, as a result, the Company had underestimated its net loss for the third quarter of 2021; (3) there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) that as a result of the foregoing, the Company would restate its financial statements; (5) that as a result of the foregoing, the founders of Legacy Volta would soon leave the Company; (6) that, as a result, the Company’s financial results would be adversely affected; 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 reasonable basis.
On March 2, 2022after market close, Volta disclosed that the financial impact of restating its third quarter 2021 financial results was higher than previously announced, expecting to report a net loss of $69.7 million for the quarter.
At this news, the Company’s share price fell. $0.11i.e. 2.6%, to close at $4.01 per share on March 3, 2022on an unusually high volume of transactions.
Then, on March 21, 2022Volta has announced that it will reschedule its fourth quarter and full year 2021 financial results.
At this news, the Company’s share price fell. $0.38or 8.4% to close at $4.12 per share on March 21, 2022on an unusually high volume of transactions.
Then, on March 28, 2022Volta announced that its founders, Scott Mercier and Christopher Wendelhad resigned as Chief Executive Officer and President, respectively, and from the Company’s Board of Directors.
At this news, the Company’s share price fell. $0.76i.e. 18%, to close at $3.37 per share on March 28, 2022on an unusually high volume of transactions.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. To see www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP