The Law Offices of Frank R. Cruz reminds investors of the upcoming August 1, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired IonQ, Inc. (“IonQ” or the “Company”) (NYSE: IONQ) securities between March 30, 2021 and May 2, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On May 3, 2022, Scorpion Capital released a research report alleging, among other things, that IonQ is a “scam built on phony statements about nearly all key aspects of the technology and business.” It further claimed that the Company reported “[f]ictitious ‘revenue’ via sham transactions and related-party round-tripping.”
On this news, the Company’s stock fell $0.71, or 9%, to close at $7.15 per share on May 3, 2022, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that IonQ had not yet developed a 32-qubit quantum computer; (2) that the Company’s 11-qubit quantum computer suffered from significant error rates, rendering it useless; (3) that IonQ’s quantum computer is not sufficiently reliable, so it is not accessible despite being available through major cloud providers; (4) that a significant portion of IonQ’s revenue was derived from improper round-tripping transactions with related parties; and (5) 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 at all relevant times.
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If you purchased or otherwise acquired IonQ securities during the Class Period, you may move the Court no later than August 1, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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