Kaskela Law LLC announces that it is investigating Volta Inc. (NYSE: VLTA) on behalf of the Company’s investors.
Recently a stockholder complaint was filed alleging that Volta issued a series of false and/or misleading statements to investors, and failed to disclosed material adverse facts about the Company’s business, operations, and prospects to investors. Among other things, the complaint alleges that the Company “had improperly accounted for restricted stock units issued in connection with the Business Combination,” which caused Volta to understate its net loss for 3Q 2021, and to have to restate its financial statements.
The truth began to emerge on March 2, 2022 when the Company revealed that the financial impact of the restatement was greater than previously disclosed. The Company filed an amended Form 8-K with the SEC stating: “The estimated financial impact of this adjustment is an approximately $26.7 million increase to stock-based compensation and corresponding increase to paid-in capital, resulting in an approximate net loss for the three and nine months ended September 30, 2021 of $69.7 million and $155.5 million, respectively.”
Then, on March 28, 2022, the Company announced that its founders, Scott Mercer and Christopher Wendel, had resigned from their positions as CEO and President, respectively, and from Volta’s Board of Directors. Following this news, shares of the Company’s stock declined an additional 18% to value, to close at $3.37 per share on March 28, 2022.
The investigation seeks to determine whether the members of Volta’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Volta shareholders are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email at [email protected], for additional information about this investigation and their legal rights and options. Investors may also submit their information to the firm by completing the form on this page.