SAN DIEGO – (BUSINESS WIRE) –The class: Shareholder Rights Law Office Robbins LLP reminds investors that a shareholder has filed a class action on behalf of individuals and entities that purchased or otherwise acquired Volta Inc. securities between August 2, 2021 and March 28, 2022. (NYSE: VLTA) for violating the Stock Exchange Act of 1934. Volta is working with real estate and retail companies to find and deploy its charging stations for electric vehicles.
To learn more about Volta Inc.’s misconduct, click here.
What is this case about: Volta Inc. (VLTA) had significant weaknesses in internal controls which led to a material error in financial results
According to a complaint on August 26, 2021, Volta Industries, Inc. and Tortoise Acquisition Corp. II, a special purpose vehicle, completed the business combination of Volta Inc. On February 25, 2022, Volta filed an 8-K SEC form stating that its audit committee had decided that its financial statements for the third quarter of 2021 would be restated. The company downplayed the impact of the revaluation and assured investors that the underestimation was unintentional.
However, these statements were untrue. The defendants did not inform investors that there were significant deficiencies in the Company’s internal control over financial reporting. As a result, Volta incorrectly accounted for the limited shares issued in connection with the business combination and therefore underestimated its net loss for the third quarter of 2021, which required it to reassess its financial statements. On 2 March 2022, Volta revealed the real impact of the reassessment: $ 7 million and $ 155.5 million, respectively. ”Following this report, the Company’s share price fell 2.6% on March 3, 2022.
On March 28, 2022, Volta announced that its founders had resigned as CEO and president and the company’s board of directors. In connection with their resignations, their holdings of Class B shares and share valuations converged into Class A shares. Following this report, the Company’s share price fell by 18% and ended on March 28, 2022 at $ 3.37 per share.
Next steps: If you acquired the shares of Volta Inc. (VLTA) between August 2, 2021 and March 28, 2022, you have time until May 31 2022, ask the court to appoint you as the lead prosecutor in the class. The lead plaintiff is the representative party acting on behalf of the other members of the class in litigation. You do not have to participate in case you are entitled to recovery.
All representations are subject to special fees. Shareholders do not pay any fees or expenses.
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