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