BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
Investigation
12/31/2020
Initial Lawsuit
01/05/2021
Lawsuit Progression
04/20/2021
Investigation regarding statements made by the company about its solid-state battery power, battery life and energy density and whether the company would be able to scale its technology to the multi-layer cell necessary to power electric vehicles.
01/04/2021
An investor long Tesla publishes an article pointing out risks associated with solid-state batteries and claiming the batteries will not achieve the announced performance.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$49.96 | $84.45 | $-34.49 | -40.84% |
Plaintiff brings this securities class action on behalf of persons and entities that purchased or otherwise acquired QuantumScape securities between December 8, 2020 and December 31, 2020, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(i) that the Company’s purported success related to its solid-state battery power, battery life, and energy density were significantly overstated;
(ii) that the Company is unlikely to be able to scale its technology to the multi-layer cell necessary to power electric vehicles;
(iii) 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.
04/20/2021
The court issued an order appointing the lead plaintiff and lead counsel.
06/21/2021
Lead plaintiff brings this securities class action on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired securities of QuantumScape between November 27, 2020, through April 14, 2021, inclusive.
Operative complaint
08/20/2021
A motion to dismiss was filed with the court.
01/14/2022
Court Denied the motion to dismiss.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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