Philadelphia, Pennsylvania--(Newsfile Corp. - December 18, 2023) - Berger Montague announces that a class action lawsuit was filed in the U.S. District Court for the Southern District of Texas on behalf of those who acquired Microvast Holdings, Inc. ("Microvast") (NASDAQ: MVST) securities.
If you suffered losses as a result of your investment in Microvast (NASDAQ: MVST) and would like to learn about a potential recovery, CLICK HERE.
The lawsuit has been filed against Microvast on behalf of purchasers of Microvast's securities between October 19, 2022 and November 20, 2023, inclusive (the "Class Period").
The deadline for investors who purchased or acquired Microvast securities during the Class Period to seek to be appointed as a lead plaintiff representative of the class may, is FEBRUARY 5, 2024.
The Class Period commences on October 19, 2022, when the company announced that, "Microvast's thermally stable polyaramid separator manufacturing plant proposal was selected as a recipient of a $200 million grant from the U.S. Department of Energy's ["DOE"] Battery Materials Processing and Battery Manufacturing initiative."
The lawsuit alleges that the truth was revealed on November 21, 2023, when J Capital Research published a report that alleged that Microvast must have been aware of the DOE's decision to not award the grant months before it was disclosed by the company in May 2023. Further, the report alleged, among other things, that Microvast's sales and backlog were "dubious," and that the majority of Microvast's sales "may be fake" because Microvast's Chinese customers account for 57% of revenue in 2023, but the China factory shows almost no activity.
Following this news, Microvast's share price fell $0.33, or 25%, to close at $0.98 per share on November 21, 2023, on unusually heavy trading volume.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191381
