Volta Class Action Complaint Filed: Submit Your VLTA Losses to Johnson Fistel
SAN DIEGO- Globe Newswire —May 9, 2022
Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Volta Inc. (“Volta” or the “Company”) (NYSE: VLTA; VLTA WS). The class action is on behalf of shareholders who purchased Volta securities between August 2, 2021 and March 28, 2022, inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than May 31, 2022.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
There is no cost or obligation to you.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that Volta had improperly accounted for restricted stock units issued in connection with the Business Combination; (2) that, as a result, the Company had understated its net loss for third-quarter 2021; (3) that 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, Legacy Volta’s founders would imminently exit the Company; (6) that, as a result, the Company’s financial results would be adversely impacted; 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 a reasonable basis.
A lead plaintiff will act on behalf of all other class members in directing the Volta class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the Volta class action lawsuit is not dependent upon serving as lead plaintiff. For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
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.
Johnson Fistel, LLP
Jim Baker, 619-814-4471