LOS ANGELES, April 19, 2022 /PRNewswire/ — The law firms of Frank R. Cruz announces that investors suffering substantial losses have the option of pursuing the securities fraud class action lawsuit against Volta Inc. (“Volta” or the “Company”) (NYSE: VLTA).
Class period: August 2, 2021 – March 28, 2022
Lead Applicant Deadline: May 31, 2022
If you are a shareholder who suffered a loss, click here participate.
The filed complaint alleges that, throughout the class period, the defendants failed to disclose to investors: (1) that Volta improperly accounted for the restricted stock issued in connection with the business combination; (2) that, as a result, the Company had underestimated its net loss for the third quarter of 2021; (3) 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, the founders of Legacy Volta would soon leave the Company; (6) that, as a result, the Company’s financial results would be adversely affected; 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 reasonable basis.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
To be a class member, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or do nothing and remain an absentee member of the class action. If you would like to know more about this class action, or if you have any questions about this announcement or your rights or interests regarding the pending class action, please contact Frank R. Cruzlaw firms of Frank R. Cruz1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email at [email protected]or visit our website at www.frankcruzlaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.
SOURCE The law firms of Frank R. Cruz, Los Angeles