San Diego, CA -- (SBWIRE) -- 02/09/2023 -- The Shareholders Foundation announced an update in the lawsuit that is pending for certain investors in shares of Volta Inc. (NYSE: VLTA).

Investors who purchased shares of Volta Inc. (NYSE: VLTA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On March 30, 2022, an investor in shares of Volta Inc. (NYSE: VLTA) filed a lawsuit against Volta Inc. over alleged violations of Federal Securities Laws. The plaintiff claimed 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.

On January 27, 2023, an amended complaint was filed.

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.