San Francisco, California--(Newsfile Corp. - May 18, 2022) - Hagens Berman urges Arqit Quantum Inc. (NASDAQ: ARQQ) investors and Centricus Acquisition Corp. (NASDAQ: CENH) (NASDAQ: CENHU) (NASDAQ: CENHW) investors with significant losses to submit your losses now.
Arqit Quantum Inc. (ARQQ) Class Action:
The complaint alleges Defendants made false or misleading statements or failed to disclose: (1) Arqit's proposed encryption technology would require widespread adoption of new protocols and standards for telecommunications; (2) British cybersecurity officials questioned the viability of Arqit's proposed encryption technology in a meeting held in 2020; (3) the British government was not a customer of Arqit and only provided grants to the company; and, (4) Arqit had little more than an early-stage prototype of its encryption system at the time of its SPAC merger.
The truth emerged on Apr. 18, 2022, when The Wall Street Journal reported that "British cybersecurity officials questioned the viability of Arqit's proposed approach to encryption technology in a high-level evaluation they privately shared with the company in the summer of 2020, according to people familiar with the matter." The WSJ also reported that Arqit's proposal is a well-known 1980s-era technology with limited real-world application, requires broad adoption of new telecommunications, cloud, and internet protocols and standards that aren't widely supported, and its customer list includes a number of British government agencies who merely provided research grants and not contracts to purchase Arqit's encryption product.
On this news, the price of Arqit shares fell 17%, wiping out over $300 million in market capitalization in a single trading day.
"We're focused on investors' losses and proving Arqit misrepresented the status of- and commercial prospects for- its encryption system," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Arqit and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Arqit should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ARQQ@hbsslaw.com.
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About Hagens Berman
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Reed Kathrein, 844-916-0895
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