NEW YORK, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Microvast Holdings, Inc. (NASDAQ: MVST)?
- Did you purchase your shares between October 19, 2022 and November 20, 2023, inclusive?
- Did you lose money in your investment in Microvast Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Microvast Holdings, Inc. (“Microvast” or the “Company”) (NASDAQ: MVST) between October 19, 2022 and November 20, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of Texas and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Microvast securities, and/or would like to discuss your legal rights and options please visit Microvast Holdings, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Microvast is a lithium-ion battery technology company which designs, develops, and manufactures battery components and systems, primarily for electric commercial vehicles and utility-scale energy storage systems. In October 2022, the United States Department of Energy (“DOE”) conditionally selected Microvast for a proposed $200 million grant to help fund a proposed polyaramid separator production facility (the “Grant”).
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) there was a reasonable likelihood that Microvast would not be awarded the Grant after due diligence was performed; (2) negotiations had ceased and the Grant was rescinded; and (3) the Company misrepresented the nature and profitability of its businesses and partnerships.
On May 22, 2023, after the market closed, Reuters reported the DOE would not award Microvast the Grant. In a call with Congressional staff that evening, the DOE confirmed that negotiations with Microvast concerning the Grant had been cancelled.
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” (the “Report”). The Report alleged the Company knew the Grant had been rescinded for months prior to the Reuters report but failed to inform investors. The Report alleged further that “the majority of MVST’s sales may be fake,” that “Chinese customers account for 57% of revenue in 2023” although drone footage shows the Company’s Chinese factory “shows almost no activity,” that the Company “has disappeared from Chinese procurement lists”, that “local competitors say the company is not making discernible sales”, and that the Company’s reported backlog was “dubious.”
On this news, the Company’s share price fell $0.33, or 25%, to close at $0.98 per share on November 21, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than February 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Microvast securities, and/or would like to discuss your legal rights and options please visit Microvast Holdings, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
