According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Volta had improperly accounted for restricted stock units issued in connection with the Business Combination;
- Volta had understated its net loss for third quarter 2021;
- There were material weaknesses in Volta’s internal control over financial reporting that resulted in a material error;
- As a result of the foregoing, Volta would restate its financial statements;
- Legacy Volta’s founders would imminently exit the Company;
- Volta’s financial results would be adversely impacted; and
- 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.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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