Investors suffering substantial losses have the option of filing a class action lawsuit against Volta Inc.

SAN DIEGO, April 1, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that purchasers of securities of Volta Inc. (NYSE: VLTA) enter August 2, 2021 and March 28, 2022inclusive (the “Class Period”) have until May 31, 2022 to seek appointment as lead applicant in Kampe c. Volta Inc., No. 22-cv-02055 (ND Cal.). the Volta a class action lawsuit accuses Volta and some of its top executives of violating the Securities Exchange Act of 1934.

If you have suffered significant losses and wish to act as the lead plaintiff of the Volta class action, please provide your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Volta class action must be filed with the court no later than May 31, 2022.

CASE ALLEGATIONS: Volta joins forces with real estate and distribution players to locate and deploy its charging stations for electric vehicles. At August 26, 2021Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company (“SPAC” or blank check company), completed a business combination under which the combined entity was named Volta Inc.

the Volta The Class Action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) Volta improperly accounted for restricted stock units issued under the business combination; (ii) as a result, Volta had underestimated its net loss for the third quarter of 2021; (iii) there were material weaknesses in Volta’s internal control over financial reporting that resulted in a material error; (iv) as such, Volta would restate its financial statements; (v) as a result, the founders of Legacy Volta would leave Volta imminently; (vi) as such, Volta’s financial results would be negatively impacted; and (vii) as a result of the foregoing, defendants’ positive statements about Volta’s business, operations and prospects were materially misleading and/or lacked reasonable basis.

At March 2, 2022Volta disclosed that the financial impact of restating its third quarter 2021 financial results was greater than previously announced, expecting to report a net loss of $69.7 million for the quarter. On this news, Volta’s share price fell 2.6%.

Then, on March 21, 2022Volta announced that it would reschedule its fourth quarter and full year 2021 financial results. On this news, Volta’s share price fell a further 8.4%.

Finally, on March 28, 2022Volta announced that its founders, defendants Scott Mercier and Christopher Wendel, had resigned from their positions as CEO and Chairman, respectively, and from the Board of Directors of Volta. At this news, Volta’s share price fell about 18%, further hurting investors.

Robbins Geller launched a dedicated SPAC working group to protect investors in blank check companies and seek redress for corporate wrongdoing. Comprised of experienced litigators, investigators and forensic accountants, the SPAC Task Force is dedicated to researching and prosecuting fraud on behalf of aggrieved SPAC investors. The rise of blank check funding presents unique risks for investors. Robbins Geller’s SPAC Task Force represents the forefront of ensuring integrity, honesty and fairness in this rapidly developing area of ​​investment.

THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased securities of Volta during the Class Period to seek appointment as lead plaintiff in the Volta class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action. The lead plaintiff may select a law firm of their choice to litigate the class action. An investor’s ability to share in any potential future class action recoveries does not depend on its status as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recoveries ever – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit http://www.rgrdlaw.com for more information.

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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San DiegoCA 92101
JC Sanchez, 800-449-4900
[email protected]

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SOURCE Robbins Geller Rudman & Dowd LLP

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