HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Volta Inc. (VLTA) Investors with Significant Losses to Contact Firm’s Attorneys, May 31st Deadline Approaching in Securities Fraud Class Action
SAN FRANCISCO, May 23, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Volta Inc. (NYSE: VLTA) investors who suffered significant losses to submit your losses now .
SAN FRANCISCO, May 23, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Volta Inc. (NYSE: VLTA) investors who suffered significant losses to submit your losses now. A securities fraud class action has been filed and investors with significant losses have the opportunity to lead the case.
| Class Period: Aug. 2, 2021 – Mar. 28, 2022 |
| Lead Plaintiff Deadline: May 31, 2022 |
| Visit: www.hbsslaw.com/investor-fraud/VLTA |
| Contact An Attorney Now: [email protected] |
| 844-916-0895 |
Volta Inc. (VLTA) Securities Fraud Class Action:
The lawsuit focuses on whether Volta properly followed accounting rules governing restricted stock unit (“RSU”) compensation leading up to and after its consummation of the merger with special purpose acquisition company Tortois Acquisition Corp. II in late August 2021.
The complaint alleges that Defendants made misleading statements or failed to disclose that: (1) Volta had improperly accounted for RSUs issued in connection with the business combination; (2) Volta understated its net loss for Q3 2021; (3) there were material weaknesses in Volta’s internal controls over financial reporting resulting in material financial reporting errors; and, (4) as a result, Volta would be required to restate its previously filed financials.
On Feb. 28, 2022, Volta announced the accounting date of RSUs should have been assessed at Aug. 26, 2021, about the same time as the merger, and that the adjustments would result in approximate net losses for the 3 and 9 months ended Sept. 30, 2021 of $14.5 million and $69.7 million, respectively.
On Mar. 2, 2022, Volta said the adjustments would result in an increase in approximate net losses for the 3 and 9 months ended Sept. 30, 2021 to $69.7 million and $155.5 million, respectively.
And, on Mar. 28, 2022, Volta announced that its CEO (Scott Mercer) and its President (Christopher Wendel) abruptly resigned.
These events drove the price of Volta shares sharply lower.
“We’re focused on investors’ losses and proving Volta intentionally understated compensation expenses before and after the Tortois merger,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Volta and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Volta should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
