VLTA Stock News: Robbins LLP is Investigating Volta Inc. (VLTA) for Shareholders
SAN DIEGO–(BUSINESS WIRE)–$VLTA #EV–Shareholder rights law firm Robbins LLP is investigating Volta Inc. (NYSE: VLTA) and its officers and directors to determine whether they breached their fiduciary duties and violated securities laws resulting in material weaknesses in internal controls and a material error in its financial results. Volta partners with real estate and retail businesses to locate and deploy its electric vehicle charging stations.
If you would like more information about our investigation of Volta Inc.’s misconduct, click here.
What is this Case About: According to a complaint filed against Volta, on February 25, 2022, Volta filed a Form 8-K with the SEC stating that its Audit Committee determined that its third quarter 2021 financial statements would be restated. The Company downplayed the impact of the restatement and assured investors the understatements were unintentional.
However, those statements were false. Defendants failed to disclose to investors that there were material weaknesses in the Company’s internal control over financial reporting. As a result, Volta had improperly accounted for restricted stock units issued in connection with the business combination and therefore understated its net loss for third quarter 2021 requiring it to restate its financial statements. On March 2, 2022, Volta revealed the true impact of the restatement: “an approximate $26.7 million increase to stock-based compensation and corresponding increase to paid-in capital, resulting in an approximate net loss for the three and nine months ended September 30, 2021 of $69.7 million and $155.5 million, respectively.” On this news, the Company’s stock price fell 2.6% on March 3, 2022.
On March 28, 2022, Volta announced its founders had resigned as CEO and President, and from the Board of Directors of the Company. In connection with their resignations, they were converging their Class B share holdings and equity awards to Class A stock. On this news, the Company’s share price fell 18%, to close at $3.37 per share on March 28, 2022.
Next Steps: If you acquired shares of Volta Inc. (VLTA) between August 2, 2021 and March 28, 2022, you have legal options. Contact us for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Contact us to learn more:
Aaron Dumas
(800) 350-6003
[email protected]
Shareholder Information Form
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Volta Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Aaron Dumas
Robbins LLP
5040 Shoreham Place
San Diego, CA 92122
[email protected]
(800) 350-6003
www.robbinsllp.com
