NEW YORK, June 02, 2022 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Riskified Ltd. (NYSE: RSKD)
Class Period: Riskified stock pursuant and/or traceable to the Registration Statement issued in connection with the Company’s initial public offering conducted on or about July 28, 2021 (the “IPO” or “Offering”)
Deadline: July 1, 2022
For more info: www.bgandg.com/rskd.
The complaint alleges that the IPO Registration Statement was negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Specifically, the IPO Registration Statement made inaccurate statements of material fact because they failed to disclose the following adverse facts that existed at the time of the IPO: (1) as Riskified expanded its user base, the quality of Riskified’s machine learning platform had deteriorated (rather than improved as represented in the Registration Statement), because of, among other things, inaccuracies in the algorithms associated with onboarding new merchants and entering new geographies and industries; (2) Riskified had expanded its customer base into industries with relatively high rates of fraud – including partnerships with cryptocurrency and remittance business – in which Riskified had limited experience and that this expansion has negatively impacted the effectiveness of Riskified’s machine learning platform; (3) as a result, Riskified was suffering from materially higher chargebacks and cost of revenue and depressed gross profits and gross profit margins during its third fiscal quarter of 2021; and (4) thus, the Registration Statement’s representations regarding Riskified’s historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of Riskified prior to and at the time of the IPO, and were materially false and misleading, and lacked a factual basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Mullen Automotive, Inc. (NASDAQ: MULN)
Deadline: July 5, 2022
For more info: www.bgandg.com/muln.
On April 6, 2022, Hindenburg Research (“Hindenburg”) published a report addressing Mullen, entitled “Mullen Automotive: Yet Another Fast Talking EV Hustle”, calling the Company among the worst electric vehicle (“EV”) hustles that Hindenburg has seen in a crowded field of contenders such as Nikola Corporation and Lordstown Motors Corp. Among other things, Hindenburg observed that “[d]espite only spending ~$3 million in R&D in 2021, Mullen claims its solid-state battery technology is on track for commercialization in 18 to 24 months, putting it [a]head of every major technology and automaker in the industry who have collectively invested billions on solving the problem.” The Hindenburg report also alleged that the Chief Executive Officer of EV Grid, Inc. (“EV Grid”), which makes batteries and battery management systems for vehicles, refuted a press release issued by Mullen regarding test results for its battery, stating “[w]e never would have said that” and “[w]e never did say it and certainly wouldn’t have said it based on the results of testing that battery.” Additionally, the Hindenburg report alleged that Mullen’s claims to be in a joint venture with NextMetals Ltd. (“NextMetals”) to create a solid-state battery were refuted by a NextMetals senior executive who said it “‘was a nonstarter’ and ‘didn’t exist.’” On this news, Mullen’s stock price fell $0.07 per share, or 2.57%, to close at $2.65 per share on April 6, 2022.
Arqit Quantum Inc. f/k/a Centricus Acquisition Corp.
(NASDAQ: ARQQ, ARQQW, CENH, CENHU, CENHW)
Class Period: (i) shareholders who purchased or otherwise acquired Arqit securities between September 7, 2021 and April 18, 2022, both dates inclusive (the “Class Period”); and/or (ii) all holders of Centricus securities as of the record date for the special meeting of shareholders held on August 31, 2021 to consider approval of the merger between Arqit and Centricus (the “Merger”) and entitled to vote on the Merger.
Deadline: July 5, 2022
For more info: www.bgandg.com/arqq.
The complaint alleges that defendants throughout the Class Period and in the Proxy Statement issued in connection to the Merger made false and/or misleading statements and/or failed to disclose: (1) Arqit’s proposed encryption technology would require widespread adoption of new protocols and standards of for telecommunications; (2) British cybersecurity officials questioned the viability of Arqit’s proposed encryption technology in a meeting in 2020; (3) the British government was not an Arqit customer but, rather, providing grants to Arqit; (4) Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]