BOSTON, May 09, 2022 (GLOBE NEWSWIRE) -- Block & Leviton announces that a class action lawsuit has been filed against Arqit Quantum, Inc. (NASDAQ: ARQQ) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/arqq.
What is this all about?
On April 18, 2022, the Wall Street Journal published an article entitled “British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say,” raising questions about Arqit Quantum’s solution to next generation cybersecurity threats.
Arqit Quantum Founder and Chief Executive, David Williams, told investors that the company had an “impressive backlog” or revenue and was ready “for hyperscale growth” when the company went public via deSPAC transaction in the fall of 2021.
The article states that “Arqit has given investors an overly optimistic view of its future revenue and the readiness and workability of its signature encryption system, according to former employees and other people familiar with the company, and documents viewed by The Wall Street Journal.”
On this news, shares of Arqit Quantum stock fell more than 17% in intraday trading on April 18, 2022.
Who is eligible?
Anyone who purchased Arqit Quantum, Inc. stock between September 7, 2021 and April 18, 2022 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is July 5, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
