IONQ Shareholder Update: Robbi – GuruFocus.com
SAN DIEGO, June 14, 2022 (GLOBE NEWSWIRE) — The class: Law firm in shareholder law Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons and entities who purchased or otherwise acquired IonQ securities (:IONQ) between March 30, 2021 and May 2, 2022, for violation of the Securities Exchange Act of 1934. IonQ claims to “develop quantum computers designed to solve the world’s most complex problems”.
If you want more information about the misconduct of IonQ, Inc., click here.
What this case is about: IonQ, Inc. (IONQ, Financial) failed to disclose material information about the development and effectiveness of its computers to shareholders
According to the complaint, on September 30, 2021, IonQ became a public entity through a business combination with dMY Technology Group, Inc. III, a special purpose acquisition company. On May 3, 2022, Scorpion Capital released a research report alleging, among other things, that IonQ is a “scam based on misrepresentations about nearly every key aspect of technology and business.” He further claimed that the company reported “[f]fictitious “income” via fictitious transactions and round trips between related parties. Following the news, shares of the company fell $0.71, or 9%, to close at $7.15 per share on May 3, 2022, on unusually high trading volume.
During the Class Period, the Defendants failed to disclose to investors that: (1) IonQ had not yet developed a 32-qubit quantum computer; (2) the company’s 11-qubit quantum computer suffered from high error rates, rendering it useless; and (3) IonQ’s quantum computer is not reliable enough, so it is not accessible although it is available from major cloud providers. Defendants also failed to disclose that a significant portion of IonQ’s revenue was derived from improper round-trip transactions with related parties.
Next Not: If you have acquired shares of IonQ, Inc. (IONQ, financial) between March 30, 2021 and May 2, 2022, you have until August 1, 2022, to ask the court to name you as the lead plaintiff in the class. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation. You don’t have to be in the case to be eligible for a clawback.
All representation is done on a contingent fee basis. Shareholders do not pay any fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recoup losses, improving corporate governance structures and holding leaders together. responsible for their wrongdoings since 2002. To be notified if a class action lawsuit against IonQ, Inc. settles or to receive free alerts when corporate executives commit wrongdoing, sign up for Watch Inventory today.
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