VLTA CLASS SHARE NOTICE: Glancy Prongay & Murray LLP has filed a securities fraud lawsuit against Volta Inc.

ANGELS – (BUSINESS WIRE) – Glancy Prongay & Murray LLP (GP GPM ’) announces that it has brought a class action in the United States District Court for the Northern District of California, Kampe v. Volta Inc., et al., Case no. 22-cv-02055 on behalf of individuals and entities that have purchased or otherwise acquired the securities of Volta Inc. (Vol Volta ’or Spoločnosť Company’) (NYSE: VLTA) between August 2, 2021 and March 28, 2022, inclusive (hereinafter referred to as the “Class Period”). The applicant asserts claims under sections 10 (a). b) a 20 písm. (a) of the Stock Exchange Act of 1934 (the “Stock Exchange Act”).

Investors are hereby informed that they have 60 days from this notification order the Court to serve as the lead applicant in this action.

If you have suffered a loss on your investment in Volta or would like to be informed of any claims for your loss under federal securities laws, you can submit your contact information at www.glancylaw.com/cases/volta-inc/. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at akcionárs@glancylaw.com or visit our website at www.glancylaw.com. learn more about your rights.

On August 26, 2021, Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special acquisition company, completed a business combination under which the merged entity was named Volta Inc. (hereinafter referred to as the “Business Combination”).

On March 2, 2022, after the market closed, Volta revealed that the financial impact of its reassessment of its third quarter 2021 financial results was greater than previously reported, and is expected to post a net loss of $ 69.7 million in the quarter. Following this report, the Company’s share price decreased by $ 0.11 or 2.6% and closed at $ 4.01 per share on March 3, 2022 with an unusually large volume of transactions.

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, the Company’s share price fell by $ 0.38 or 8.4% and closed at March 4, 2022. .12 USD per share for an unusually large volume of trades.

Then, on March 28, 2022, Volta announced that its founders, Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and president and from the company’s board of directors. Following this report, the Company’s share price decreased by $ 0.76 or 18% and closed at $ 3.37 per share on March 28, 2022 with an unusually large volume of transactions.

The complaint filed in this class action alleges that during the Term, the Defendants made materially false and / or misleading statements and did not disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants did not inform the investors: (1) that Volta had incorrectly accounted for the limited shares issued in connection with the Business Combination; (2) that, as a result, the Company underestimated its net loss for the third quarter of 2021; (3) that there were significant deficiencies in the Company’s internal control over financial reporting that resulted in a material error; (4) that, as a result of the above, the Company would have restated its financial statements; (5) that, as a result of the above, the founders of Legacy Volta would leave the company immediately; (6) that, as a result, the Company’s financial results will be adversely affected; and (7) that, as a result of the above, the defendants’ affirmative statements about the company’s business, operations and prospects were substantially misleading and / or lacked an adequate basis.

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If you purchased or otherwise acquired Volta securities during the Class Period, you may transfer the court to 60 days from this notification ask the Court to appoint you as Chief Prosecutor. If you want to be a member of a class, you don’t need to take any action at this time; you can keep a mentor of your choice or take no action and remain an absent member of the class. To learn more about this event or if you have any questions regarding this announcement or your rights or interests in these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email to shareholder@glancylaw.com or visit our website www.glancylaw.com. If you are asking by e-mail, please provide your postal address, telephone number and the number of shares purchased.

This press release may be considered lawyers’ advertising in some jurisdictions under applicable laws and ethical rules.

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