(ARQQ) NEWS: Did You Lose Money on Your Arqit Quantum Investment? Contact Johnson Fistel Regarding Investigation
SAN DIEGO, April 19, 2022 (Globe Newswire/ –) — Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Arqit Quantum, Inc. (“Arqit” or the “Company”) (NASDAQ: ARQQ & ARQQW).
What is Johnson Fistel investigating? On April 18, 2022, the Wall Street Journal released an article in regards to the Arqit’s September 2021 SPAC Merger. The company pitched its signature Quantum Cloud product was selling well and had helped lock in a secure source of revenue. But according to the Wall Street Journal, its flagship Quantum Cloud technology “might never apply beyond niche uses.” After interviewing insiders and reviewing documents, The Wall Street Journal further alleges that at IPO time, Arqit had “little more than an early-stage prototype of its encryption system.”
In February 2021, the chief revenue officer of Arqit resigned citing that the CEO was “overstating contracts and giving unrealistic revenue projections to potential investors.” Indeed, as reported by Seeking Alpha, Arqit’s CEO claimed the company had “comfortably more money than we need” and they “[didn’t] need to raise any more money, ever.” However, former employees and people familiar with the company claim that in reality, Arqit’s revenue is not from selling its product; instead, they say Arqit largely relies on government research grants to meet its business goals.
Following this news, the price of Arqit shares traded down 17% on April 18, 2022.
What actions may I take at this time? If you purchased Arqit securities and suffered significant losses on your investment, contact Johnson Fistel, LLP to submit your losses below:
For more information, visit our website at https://www.johnsonfistel.com/faq
What if I have information relevant to the investigation? Individuals with nonpublic information regarding Arqit should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or email@example.com.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
See original press release here
Johnson Fistel, LLP
Jim Baker, 619-814-4471