SAN DIEGO, Dec. 10, 2023 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Microvast Holdings, Inc. (NASDAQ: MVST; MVSTW) securities between October 19, 2022 and November 20, 2023, both dates inclusive (the “Class Period”), have until February 5, 2024 to seek appointment as lead plaintiff of the Microvast class action lawsuit. Captioned Schelling v. Microvast Holdings, Inc., No. 23-cv-04565 (S.D. Tex.), the Microvast class action lawsuit charges Microvast 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 Microvast class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com.
CASE ALLEGATIONS: In October 2022, the U.S. Department of Energy (“DOE”) conditionally selected Microvast for a proposed $200 million grant to help fund a proposed polyaramid separator production facility.
The Microvast class action lawsuit alleges that throughout the Class Period defendants failed to disclose that: (i) there was a reasonable likelihood that Microvast would not be awarded the $200 million grant after due diligence was performed; (ii) negotiations had ceased and the grant rescinded; and (iii) Microvast misrepresented the nature and profitability of its businesses and partnerships.
The Microvast class action lawsuit further alleges that on May 22, 2023 Reuters reported the DOE would not award Microvast the grant. On this news, Microvast’s share price fell 36%, the complaint alleges.
Then, the Microvast class action lawsuit alleges that on November 21, 2023 J Capital Research published a report on Microvast entitled “MVST: Empty Facilities and a Grant Loss That Was Probably Hidden: Another China Hustle,” alleging among other things that Microvast knew the DOE grant had been rescinded for months prior to Reuters reporting but failed to inform investors. On this news, Microvast’s share price fell 36%, the complaint alleges.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Microvast securities during the Class Period to seek appointment as lead plaintiff of the Microvast 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 Microvast class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Microvast class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Microvast class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 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. Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900