Wolf Haldenstein Files Securities Class Action Lawsuit Against Polestar Automotive
NEW YORK, NY – Wolf Haldenstein Adler Freeman & Herz LLP, a leading national securities law firm, announces the filing of a federal securities class action lawsuit against Polestar Automotive Holding UK PLC (NASDAQ: PSNY). The lawsuit, filed in the United States District Court for the District of New Jersey, alleges that Polestar and certain of its executives violated the Securities Exchange Act of 1934 between November 14, 2022, and January 16, 2025.
Background
Polestar Automotive Holding UK PLC is a Swedish electric vehicle (EV) manufacturer that designs, manufactures, and sells EVs under the Polestar brand. The company went public through a merger with Gores Guggenheim, Inc. in October 2022.
Allegations
The complaint alleges that Polestar and its executives made false and misleading statements regarding the company’s business, operational, and financial metrics. Specifically, the lawsuit alleges that Polestar overstated its sales growth, production capacity, and delivery volumes, among other things.
Impact on Investors
As a result of these alleged false statements, Polestar’s American Depositary Receipts (ADRs) traded at artificially inflated prices between November 14, 2022, and January 16, 2025. When the truth was revealed, the price of Polestar’s ADRs declined significantly, causing harm to investors.
Class Members
The lawsuit seeks to represent a class of individuals who purchased Polestar ADRs during the Class Period. If you purchased Polestar ADRs between November 14, 2022, and January 16, 2025, you may be a class member.
Impact on the Industry
The securities class action against Polestar Automotive Holding UK PLC is not an isolated incident. In recent years, there have been numerous cases of EV manufacturers making false or misleading statements about their businesses, leading to securities fraud lawsuits. These cases highlight the importance of transparency and accuracy in financial reporting, especially in the rapidly growing EV industry.
Next Steps
If you purchased Polestar ADRs during the Class Period, you may be entitled to recover your losses. If you wish to serve as a lead plaintiff, you must move the Court no later than May 10, 2025. To be a lead plaintiff, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735 or via email at [email protected].
Conclusion
Investors in Polestar Automotive Holding UK PLC who purchased ADRs between November 14, 2022, and January 16, 2025, may have legal claims arising from allegedly false and misleading statements made by the company and its executives. The securities class action against Polestar underscores the importance of transparency and accuracy in financial reporting, especially in the rapidly growing EV industry. If you purchased Polestar ADRs during the Class Period, you may be entitled to recover your losses.
- Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is facing a federal securities class action lawsuit.
- The lawsuit alleges that Polestar and certain executives made false and misleading statements regarding the company’s business, operational, and financial metrics.
- The lawsuit seeks to represent a class of individuals who purchased Polestar ADRs between November 14, 2022, and January 16, 2025.
- Impacted investors may be entitled to recover their losses.
- The case highlights the importance of transparency and accuracy in financial reporting in the EV industry.
