Gibbs Law Group investigates potential violations of securities law
OAKLAND, Calif.–(BUSINESS WIRE)–$ARQQ #ARQQ–Gibbs Law Group is investigating a potential class action lawsuit against Arqit Quantum on behalf of investors who lost money in Arqit Quantum Inc. (NASDAQ: ARQQ). Shares of Arqit Quantum fell 20% in intraday trading on April 18, 2022, after a Wall Street Journal article accused Arqit Quantum of making misleading statements to investors about readiness and readiness. usefulness of its signature encryption system. Investors who have lost money in Arqit Quantum Inc. are encouraged to contact Gibbs Law Group for further information on their legal rights.
To speak to a lawyer regarding this class action investigation, Click here or call (888) 410-2925.
According to The Wall Street Journal, a big part of Arqit’s talk when it went public through the SPAC merger in September 2021 was that its signature Quantum Cloud product was selling well and helped secure a secure revenue stream. But according to the Wall Street Journal, its flagship Quantum Cloud technology “may never apply beyond niche uses.” After interviewing insiders and reviewing documents, The Wall Street Journal further alleges that at the time of the IPO, Arqit had “little more than a preliminary prototype of its encryption system.”
In February 2021, Arqit’s chief revenue officer resigned, citing concerns that the CEO was “exaggerating contracts and giving unrealistic revenue projections to potential investors”. Indeed, as Seeking Alpha reports, Arqit’s CEO claimed the company has “comfortably more money than we need” and they “[didn’t] need to raise more money, ever. However, former employees and people familiar with the business claim that Arqit’s income does not actually come from the sale of its product; instead, they say Arqit relies heavily on government research grants to achieve its business goals. Following allegations in the Wall Street Journal report, Arqit Quantum stock fell more than 20% in intraday trading on Monday, April 18, 2022, causing significant harm to investors.
What must What do ARQQ investors do?
If you have invested in Arqit Quantum Inc., visit our website or contact our securities team directly at (888) 410-2925 to discuss how you might recoup your losses. Our investigation focuses on whether Arqit Quantum Inc. violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors nationwide in securities litigation to redress abusive corporate governance practices, breaches of fiduciary duty and breaches of powers of attorney. The firm has recovered over $1 billion for its clients against some of the largest corporations in the world, and our attorneys have received numerous accolades for their work, including “Best Lawyers in America”, “Best Plaintiffs Lawyers in California “, “California Lawyer Attorney of the Year”, “Best Class Action Lawyers Under 40”, “Consumer Protection MVP” and “Best Cybersecurity/Privacy Lawyers Under 40”.
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