NEW YORK, Feb. 24, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of D-Wave Quantum Inc. ("D-Wave" or the "Company") (NYSE: QBTS). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether D-Wave and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 2, 2024, in a filing with the U.S. Securities and Exchange Commission, D-Wave disclosed that the Audit Committee of the Company's Board of Directors "determined that the Company's (i) audited financial statements included in the Company's Annual Reports on Form 10-K for the periods ended December 31, 2022, 2021, and 2020 (the 'Audited Financial Statements'), filed with the U.S. Securities and Exchange Commission (the 'SEC') on April 18, 2023 (the 'Form 10-K'), and (ii) unaudited financial statements included in each of the Company's Quarterly Reports on Form 10-Q for the periods ending September 30, 2023, June 30, 2023, and March 31, 2023 (the 'unaudited Financial Statements,' and together with the Audited Financial Statements, the 'Financial Statements'), filed with the SEC on November 9, 2023, August 10, 2023, and May 10, 2023, respectively, as well as the Registration Statements on Forms S-1 and S-4 (Registration Nos. 333-269732, 333-267126, 333-267124 and 333-263573) initially filed with the SEC on February 13, 2023, August 29, 2022, August 29, 2022, and March 15, 2022, respectively which include the Financial Statements (collectively, the 'Affected Periods'), as well as the relevant portions of any communication which describe or are based on the Financial Statements, should no longer be relied upon." D-Wave advised that it "plans to restate, as soon as practicable, the Financial Statements for the Affected Periods in amendments to the Form 10-K, the Q1 2023 Form 10-Q, the Q2 2023 Form 10-Q, and the Q3 2023 Form 10-Q respectively (collectively, the 'Restatement')" and that "[t]he Restatement mainly impacts non-cash and non-operating components of other income (expense) and net loss on the consolidated statements of operations and research incentives receivable and loans payable on the consolidated balance sheets."
On this news, D-Wave's stock price fell $0.09 per share, or 8.88%, to close at $0.88 per share on February 5, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
