Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
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Investigation
03/03/2022
Initial Lawsuit
03/30/2022
Lawsuit Progression
05/31/2022
This is a class action on behalf of persons and entities that purchased or otherwise acquired Volta securities between August 2, 2021 and March 28, 2022, 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:
(1) that Volta had improperly accounted for restricted stock units issued in connection with the August 26, 2021, Volta Industries, Inc. and Tortoise Acquisition Corp. II 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.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.