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Volta Inc. Class Action Lawsuit - VLTA

Company Name
Volta Inc.
Stock Symbol
VLTA
Class Period
August 2, 2021 to March 28, 2022
Motion Deadline
May 31, 2022
Court
Northern District of California
12 days left to seek lead plaintiff status

Case Summary

The Volta class action lawsuit seeks to represent purchasers of Volta Inc. (NYSE: VLTA) securities between August 2, 2021 and March 28, 2022, inclusive (the “Class Period”) and charges Volta as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934.  The Volta class action lawsuit was commenced on March 30, 2022 in the Northern District of California and is captioned Kampe v. Volta Inc., No. 22-cv-02055.

If you suffered significant losses and wish to serve as lead plaintiff of the Volta 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 Volta class action lawsuit must be filed with the court no later than May 31, 2022.

CASE ALLEGATIONS: Volta partners with real estate and retail businesses to locate and deploy its electric vehicle charging stations.  On August 26, 2021, Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company (“SPAC” or blank-check company), completed a business combination pursuant to which the combined entity was named Volta Inc.

The Volta class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Volta had improperly accounted for restricted stock units issued in connection with the business combination; (ii) as a result, Volta had understated its net loss for third quarter 2021; (iii) there were material weaknesses in Volta’s internal control over financial reporting that resulted in a material error; (iv) as such, Volta would restate its financial statements; (v) consequently, Legacy Volta’s founders would imminently exit Volta; (vi) thus, Volta’s financial results would be adversely impacted; and (vii) as a result of the foregoing, defendants’ positive statements about Volta’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On March 2, 2022, Volta revealed that the financial impact of the restatement of its third quarter 2021 financial results was greater than previously disclosed, expecting to report a net loss of $69.7 million for the quarter.  On this news, Volta’s share price fell by 2.6%.

Then, on March 21, 2022, Volta announced that it would reschedule its fourth quarter and full year 2021 financial results.  On this news, Volta’s share price fell an additional 8.4%.

Finally, on March 28, 2022, Volta announced that its founders, defendant Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and President, respectively, and from the Board of Directors of Volta.  On this news, Volta’s share price fell by approximately 18%, further 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 Volta securities during the Class Period to seek appointment as lead plaintiff in the Volta class action lawsuit.  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 of the class action lawsuit 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’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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