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IonQ, Inc. Class Action Lawsuit - IONQ

Company Name
IonQ, Inc.
Stock Symbol
IONQ; IONQ/WS
Class Period
March 30, 2021 to May 2, 2022
Motion Deadline
August 1, 2022
Court
District of Maryland
35 days left to seek lead plaintiff status

Case Summary

The IonQ class action lawsuit seeks to represent purchasers or acquirers of IonQ, Inc. (NYSE: IONQ; IONQ/WS) securities between March 30, 2021 and May 2, 2022, inclusive (the “Class Period”).  The IonQ class action lawsuit – captioned Leacock v. IonQ, Inc., No. 22-cv-01306 (D. Md.) – charges IonQ and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the IonQ class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the IonQ class action lawsuit must be filed with the court no later than August 1, 2022.

CASE ALLEGATIONS: IonQ claims to “build the world’s best quantum computers to solve the world’s most complex problems.”  On or about September 30, 2021, IonQ became a public entity via a business combination with dMY Technology Group, Inc. III (“DTG”), a special purpose acquisition company (“SPAC” or “blank-check company”).

The IonQ class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) IonQ had not yet developed a 32-qubit quantum computer; (ii) IonQ’s 11-qubit quantum computer suffered from significant error rates, rendering it useless; (iii) IonQ’s quantum computer is not sufficiently reliable, so it is not accessible despite being available through major cloud providers; (iv) a significant portion of IonQ’s revenue was derived from improper round-tripping transactions with related parties; and (v) as a result, defendants’ positive statements about IonQ’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On May 3, 2022, Scorpion Capital released an investigative report alleging, among other things, that IonQ is a “scam built on phony statements about nearly all key aspects of the technology and business.”  It further claimed that IonQ reported “[f]ictitious ‘revenue’ via sham transactions and related-party round-tripping.”  On this news, IonQ’s stock price fell approximately 9%, damaging investors.

Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance.  Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors.  The rise in blank check financing poses unique risks to investors.  Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased IonQ securities during the Class Period to seek appointment as lead plaintiff.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the 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 in any potential future recovery is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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