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HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Volta Inc. (VLTA) Investors with Significant Losses to Contact Firm's Attorneys, Securities Fraud Class Action Filed
San Francisco, California--(Newsfile Corp. - April 12, 2022) - Hagens Berman urges Volta Inc...
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[{"type":"text","content":"HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Volta Inc. (VLTA) Investors with Significant Losses to Contact Firm's Attorneys, Securities Fraud Class Action FiledSan Francisco, California--(Newsfile Corp. - April 12, 2022) - Hagens Berman urges Volta Inc. (NYSE: VLTA) investors who suffered significant losses to submit your losses now. A securities fraud class action has been filed and investors with significant losses have the opportunity to lead the case.Class Period: Aug. 2, 2021 - Mar. 28, 2022Lead Plaintiff Deadline: May 31, 2022Visit: www.hbsslaw.com/investor-fraud/VLTA Contact An Attorney Now: [email protected] 844-916-0895Volta Inc. (VLTA) Securities Fraud Class Action: The lawsuit focuses on whether Volta properly followed accounting rules governing restricted stock unit (\"RSU\") compensation leading up to and after its consummation of the merger with special purpose acquisition company Tortois Acquisition Corp. II in late August 2021. The complaint alleges that Defendants made misleading statements or failed to disclose that: (1) Volta had improperly accounted for RSUs issued in connection with the business combination; (2) Volta understated its net loss for Q3 2021; (3) there were material weaknesses in Volta's internal controls over financial reporting resulting in material financial reporting errors; and, (4) as a result, Volta would be required to restate its previously filed financials. On Feb. 28, 2022, Volta announced the accounting date of RSUs should have been assessed at Aug. 26, 2021, about the same time as the merger, and that the adjustments would result in approximate net losses for the 3 and 9 months ended Sept. 30, 2021 of $14.5 million and $69.7 million, respectively. On Mar. 2, 2022, Volta said the adjustments would result in an increase in approximate net losses for the 3 and 9 months ended Sept. 30, 2021 to $69.7 million and $155.5 million, respectively. And, on Mar. 28, 2022, Volta announced that its CEO (Scott Mercer) and its President (Christopher Wendel) abruptly resigned.These events drove the price of Volta shares sharply lower.\"We're focused on investors' losses and proving Volta intentionally understated compensation expenses before and after the Tortois merger,\" said Reed Kathrein, the Hagens Berman partner leading the investigation. If you invested in Volta and have significant los...