A lawsuit was filed on behalf of investors in Arqit Quantum Inc. (NASDAQ:ARQQ, NASDAQ:ARQQW) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/19/2022 -- An investor, who purchased shares of Arqit Quantum Inc. (NASDAQ: ARQQ, NASDAQ: ARQQW), filed a lawsuit over alleged violations of Federal Securities Laws by Arqit Quantum Inc. f/k/a Centricus Acquisition Corp.
Investors who purchased shares of Arqit Quantum Inc. (NASDAQ: ARQQ, NASDAQ: ARQQW) have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2022. NASDAQ: ARQQ, NASDAQ: ARQQW investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On April 18, 2022, an article was published titled "British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say." Therein, the article reported that individuals familiar with the matter claimed that Arqit Quantum Inc's encryption technology "might never apply beyond niche uses," and that, at the time of the Company's initial public offering, Arqit had "little more than an early-stage prototype of its encryption system."
Shares of Arqit Quantum Inc. (NASDAQ: ARQQ) declined from $15.39 per share on April 13, 2022, to as low as $7.38 per share.
According to the complaint the plaintiff alleges on behalf of purchasers of Arqit Quantum Inc. (NASDAQ: ARQQ, NASDAQ: ARQQW) common shares between September 7, 2021 and April 18, 2022 and/or (ii) all holders of Centricus Acquisition Corp (formerly CENH, CENHU, CENHW) securities as of the record date for the special meeting of shareholders held on August 31, 2021 to consider approval of the merger between Arqit Quantum Inc and Centricus Acquisition Corp, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 7, 2021 and April 18, 2022, the defendants and that in the Proxy Statement issued in connection to the Merger made false and/or misleading statements and/or failed to disclose: (1) Arqit's proposed encryption technology would require widespread adoption of new protocols and standards of for telecommunications; (2) British cybersecurity officials questioned the viability of Arqit's proposed encryption technology in a meeting in 2020; (3) the British government was not an Arqit customer but, rather, providing grants to Arqit; (4) Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger; and (5) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of Arqit Quantum Inc. (NASDAQ: ARQQ, NASDAQ: ARQQW) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
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