San Diego, California--(Newsfile Corp. - May 28, 2022) - Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Volta Inc. (NYSE: VLTA) securities between August 2, 2021 and March 28, 2022, inclusive (the "Class Period") have until this upcoming Tuesday, May 31, 2022 to seek appointment as lead plaintiff in Kampe v. Volta Inc., No. 22-cv-02055 (N.D. Cal.). The Volta class action lawsuit charges Volta and certain of its top executive officers with violations of the Securities Exchange Act of 1934. A similar lawsuit, Alvarez v. Volta Inc., No. 22-cv-02730, is also pending in the Northern District of California.
If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:
CASE ALLEGATIONS: Volta partners with real estate and retail businesses to locate and deploy its electric vehicle charging stations. On August 26, 2021, Volta Industries, Inc. ("Legacy Volta"), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company ("SPAC" or blank-check company), completed a business combination pursuant to which the combined entity was named Volta Inc.
The Volta class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Volta had improperly accounted for restricted stock units issued in connection with the business combination; (ii) as a result, Volta had understated its net loss for third quarter 2021; (iii) there were material weaknesses in Volta's internal control over financial reporting that resulted in a material error; (iv) as such, Volta would restate its financial statements; (v) consequently, Legacy Volta's founders would imminently exit Volta; (vi) thus, Volta's financial results would be adversely impacted; and (vii) as a result of the foregoing, defendants' positive statements about Volta's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller's SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Volta securities during the Class Period to seek appointment as lead plaintiff in the Volta class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
ABOUT ROBBINS GELLER: Robbins Geller is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone - more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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