ATTENTION (NASDAQ: MVST) INVESTORS: Contact Berger Montague About a Microvast Holdings, Inc. Class Action Lawsuit

PHILADELPHIA, Dec. 8, 2023 /PRNewswire/ -- Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Microvast Holdings, Inc. ("Microvast") (NASDAQ: MVST) on behalf of purchasers of Microvast's securities between October 19, 2022 and November 20, 2023, inclusive (the "Class Period").

Investor Deadline: Investors who purchased or acquired Microvast securities during the Class Period may, no later than February 5, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015, or CLICK HERE. 

Microvast is a lithium-ion battery technology company which designs, develops, and manufactures battery components and systems, primarily for electric commercial vehicles and utility-scale energy storage systems.

The Class Period commences on October 19, 2022, when the company announced that, "Microvast's thermally stable polyaramid separator manufacturing plant proposal was selected as a recipient of a $200 million grant from the U.S. Department of Energy's ["DOE"] Battery Materials Processing and Battery Manufacturing initiative."

The truth regarding the DOE grant began to emerge on May 22, 2023, when Reuters reported that the DOE would not award Microvast the $200 million grant.

Following this news, Microvast's share price fell $0.80, or 36%, to close at $1.40 per share on May 23, 2023, on unusually heavy trading volume.

Then, on November 21, 2023, J Capital Research published a report that alleged that Microvast must have been aware of the DOE's decision to not award the grant months before it was disclosed by the company. Further, the report alleged, among other things, that Microvast's sales and backlog were "dubious," and that the majority of Microvast's sales "may be fake" because Microvast's Chinese customers account for 57% of revenue in 2023, but the China factory shows almost no activity.

Following this news, Microvast's share price fell $0.33, or 25%, to close at $0.98 per share on November 21, 2023, on unusually heavy trading volume.

According to the complaint and throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) there was a reasonable likelihood that Microvast would not be awarded the DOE grant after due diligence was performed; (2) negotiations between Microvast and the DOE had ceased and the grant had been rescinded; and (3) Microvast misrepresented the nature and profitability of its businesses and partnerships.

Learn More About the Lawsuit

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
[email protected] 

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected] 

SOURCE Berger Montague

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