An investigation on behalf of investors in Microvast Holdings, Inc. (NASDAQ:MVST) shares over potential wrongdoing at Microvast Holdings, Inc. was announced
San Diego, CA -- (SBWIRE) -- 08/08/2023 -- Certain directors of Microvast Holdings, Inc. are under investigation over potential breaches of fiduciary duties by certain directors at Microvast Holdings, Inc.
Investors who purchased shares of Microvast Holdings, Inc. (NASDAQ: MVST) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Microvast Holdings, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Stafford, TX based Microvast Holdings, Inc. designs, develops, and manufactures battery systems for electric vehicles and energy storage systems in the United States, China, rest of the Asia Pacific, and Europe. Microvast Holdings, Inc. reported that its annual Total Revenue rose from $151.97 million in 2021 to $204.49 million in 2022, and that its Net Loss declined from $216 million in 2021 to $158.2 million in 2022.
On May 22, 2023, it was reported that the U.S. Department of Energy (DoE) canceled a $200M grant to lithium battery manufacturer, Microvast Holdings, Inc., citing lawmakers' concerns over the Company's alleged links to the Chinese Communist Party. Microvast Holdings, Inc. has been in talks with the DoE over the grant to help build a plant in Tennessee to support its work with General Motors developing specialized electric vehicle batteries.
Shares of Microvast Holdings, Inc. (NASDAQ: MVST) declined from $2.25 per share on May 19, 2023, to as low as $1.21 per share on June 1, 2023.
Those who purchased shares of Microvast Holdings, Inc. (NASDAQ: MVST) have certain options and should contact the Shareholders Foundation.
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