San Diego, CA -- (SBWIRE) -- 04/11/2022 -- An investor, who purchased shares of Volta Inc. (NYSE: VLTA), filed a lawsuit over alleged violations of Federal Securities Laws by Volta Inc.

Investors who purchased shares of Volta Inc. (NYSE: VLTA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 30, 2022. NYSE: VLTA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based Volta Inc. operates a network of smart media-enabled charging stations for electric vehicles in the United States.

On August 26, 2021, Volta Industries, Inc. ("Legacy Volta"), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination pursuant to which the combined entity was named Volta Inc. (the "Business Combination").

On March 2, 2022, after the market closed, Volta Inc. revealed that the financial impact of the restatement of its third quarter 2021 financial results was greater than previously disclosed, expecting to report a net loss of $69.7 million for the quarter.

Then, on March 21, 2022, Volta Inc. announced that it would reschedule its fourth quarter and full year 2021 financial results.

Then, on March 28, 2022, Volta Inc. announced that its founders, Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and President, respectively, and from the Board of Directors of the Company.

Shares of Volta Inc. (NYSE: VLTA) declined from $14.34 per share on September 17, 2021, to as low as $2.99 per share on March 31, 2022.

The plaintiff claims that between August 2, 2021 and March 28, 2022, the Defendants failed to disclose to investors that Volta had improperly accounted for restricted stock units issued in connection with the Business Combination, that, as a result, the Company had understated its net loss for third quarter 2021, that there were material weaknesses in the Company's internal control over financial reporting that resulted in a material error, that, as a result of the foregoing, the Company would restate its financial statements, that, as a result of the foregoing, Legacy Volta's founders would imminently exit the Company, that, as a result, the Company's financial results would be adversely impacted;, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Volta Inc. (NYSE: VLTA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.