SAN DIEGO – (BUSINESS WIRE) –Robbins Geller Rudman & Dowd LLP announces that the buyer of Volta Inc. securities (NYSE: VLTA) between 2 August 2021 and 28 March 2022 inclusive (hereinafter the obdobie class period ’) have until 31 May 2022 the possibility to apply for Kampe v Volta Inc.no. 22-en-02055 (Kal. ND). The time the class action accuses Volta, as well as some of its top officials, of violating the Stock Exchange Act of 1934.

If you have suffered significant losses and want to serve as the lead prosecutor time class action, provide us with your information by clicking here. You can also contact attorney JC Sanchez of Robbins Geller by calling 800 / 449-4900 or emailing jsanchez@rgrdlaw.com. Management of the applicant ‘s claims for time a class action must be filed with the court no later than May 31, 2022.

ACCIDENTS FROM THE CASE: Volta works with real estate and retail companies to find and deploy its charging stations for electric vehicles. On August 26, 2021, Volta Industries, Inc. (‘Legacy Volta’), a private individual, and Tortoise Acquisition Corp. II, a special acquisition company (“SPAC” or blank check company), completed a business combination under which the merged entity was named Volta Inc.

The time the class action alleges that during the Class, the defendants made false and misleading statements and did not disclose that: (i) Volta had incorrectly accounted for the limited shares issued in connection with the business combination; (ii) as a result, Volta underestimated its net loss for the third quarter of 2021; (iii) there were significant deficiencies in the internal control of Volta’s financial statements that resulted in a material error; (iv) as such, Volta would restate its financial statements; (v) subsequently the founders of Legacy Volta immediately withdraw from Volta; (vi) this would adversely affect Volta’s financial results; and (vii) as a result of the above, the defendants’ affirmative statements about Volta’s business, operations and prospects were materially misleading and / or lacked an adequate basis.

On March 2, 2022, Volta revealed that the financial impact of the reassessment of its third quarter 2021 financial results was greater than previously reported, and is expected to report a net loss of $ 69.7 million in the quarter. Following this report, Volta’s share price fell by 2.6%.

Then, on March 21, 2022, Volta announced that it would reschedule its financial results for the fourth quarter and for the full year 2021. Following this report, Volta’s share price fell by another 8.4%.

Finally, on March 28, 2022, Volta announced that its founders, defendants Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and President and from Volta’s board of directors. Following this report, Volta’s share price fell by about 18%, further damaging investors.

Robbins Geller launched SPAC specialized working group protect investors in blank check companies and seek redress for corporate mistakes. The SPAC Working Group, which consists of experienced court representatives, investigators and forensic accountants, is dedicated to eliminating and prosecuting fraud on behalf of injured SPAC investors. The increase in blank check financing poses unique risks for investors. Robbins Geller’s SPAC Task Force is at the forefront of ensuring integrity, honesty and fairness in this fast-growing investment arena.

ACTION PROCEDURE: The Private Securities Disputes Reform Act of 1995 allows any investor who has purchased Volta securities during the Class Period to apply for appointment as Chief Prosecutor in time class action. The lead plaintiff is generally the statutory body with the greatest financial interest in the aid sought by the alleged class, which is also typical and appropriate for the alleged class. The main plaintiff acts on behalf of all the other members of the class in the proceedings class action. The lead plaintiff may choose a law firm of his choice to bring a class action lawsuit. The investor’s ability to participate in any potential future recovery of the class the action does not depend on the performance of the chief prosecutor’s duties.

O ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading companies in complex class action lawsuits representing plaintiffs in securities fraud cases. The firm ranks first in the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $ 2 billion for investors last year alone – more than three times the amount any other plaintiff received. With 200 lawyers in 9 offices, Robbins Geller’s lawyers received many of the largest class action lawsuits in the history of securities, including the largest class action lawsuit in the history of securities – $ 7.2 billion – in V re Enron Corp. Sec. Litig. For more information, visit http://www.rgrdlaw.com.

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