VLTA Investors Have Opportunity to Lead Volta Inc. Securities Fraud Lawsuit

Published: May. 24, 2022 at 1:00 PM EDT

LOS ANGELES, May 24, 2022 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Volta Inc. ("Volta" or the "Company") (NYSE: VLTA).

(PRNewsfoto/Glancy Prongay & Murray LLP)
(PRNewsfoto/Glancy Prongay & Murray LLP)(PRNewswire)

Class Period: August 2, 2021March 28, 2022
Lead Plaintiff Deadline: May 31, 2022

If you wish to serve as lead plaintiff of the Volta lawsuit, you can submit your contact information at www.glancylaw.com/cases/volta-inc/.  You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) that Volta had improperly accounted for restricted stock units issued in connection with the Business Combination; (2) that, as a result, the Company had understated its net loss for third quarter 2021; (3) that there were material weaknesses in the Company's internal control over financial reporting that resulted in a material error; (4) that, as a result of the foregoing, the Company would restate its financial statements; (5) that, as a result of the foregoing, Legacy Volta's founders would imminently exit the Company; (6) that, as a result, the Company's financial results would be adversely impacted; and (7) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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