Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of QuantumScape Corporation who purchased shares between November 27, 2020 and December 31, 2020.
QuantumScape and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 4, 2021, before market open, an investigative report issued by Seeking Alpha highlighted numerous measures of subpar performance discovered in the Company’s solid state battery products that rendered them “completely unacceptable for real world field electric vehicle performance,” contrary to the Company’s prior statements touting its battery’s performance data, as well as other significant challenges “to be overcome before they can put the first car in the field…that they have not solved yet and so remain silent about.”
On this news, the price of QuantumScape’s shares plummeted to a close of $49.96 per share on January 4, 2021, a one-day decline of 41% and a decline of more than 62% from the stock’s Class Period high of more than $131 per share on December 22, 2020.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 8, 2021 to request that the court appoint them lead plaintiff.