NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of class action lawsuits against QuantumScape Corporation, formerly known as Kensington Capital Acquisition Corp. (“QuantumScape” or the “Company”) (NYSE: QS) and other related defendants, alleging violations of federal securities laws. If you purchased QuantumScape stock or other securities between November 27, 2020 and December 31, 2020 (the “Class Period”), and have suffered losses, you are encouraged to contact Joe Pettigrew for additional information at (844) 818-6982 or email@example.com.
QuantumScape develops battery technology for electric vehicles and other applications.
The lawsuits allege, among other things, that the defendants made false and/or misleading statements and/or failed to disclose that the Company’s purported success related to its solid-state battery power, battery life, and energy density was significantly overstated and the Company is unlikely to be able to scale its technology to the multi-layer cell necessary to power electric vehicles.
On January 4, 2021, an article was published on Seeking Alpha arguing that QuantumScape’s solid-state batteries are “completely unacceptable for real world field electric vehicles.” Specifically, the article said that the battery’s power “will only last for 260 cycles or about 75,000 miles of aggressive driving.” As solid-state batteries are temperature sensitive, “the power and cycle tests at 30 and 45 degrees above would have been significantly worse if run even a few degrees lower.”
On this news, the Company’s stock price fell $34.49, or approximately 40.84%, to close at $49.96 per share on January 4, 2021.
What You Can Do
If you purchased QuantumScape securities between November 27, 2020 and December 31, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or firstname.lastname@example.org. The lead plaintiff deadline is March 8, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.