SAN DIEGO–(BUSINESS WIRE)–The law firm Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of IonQ, Inc. (NYSE: IONQ; IONQ/WS) between March 30, 2021 and May 2, 2022, both dates included (the “Class Period”) have until August 1, 2022 to seek appointment as lead plaintiff in Leacock v IonQ, Inc., no. 22-cv-01306 (D.Md.). The IonQ The class action accuses IonQ and some of its top executives of violating the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: IonQ claims to “build the best quantum computers in the world to solve the world’s most complex problems”. On or about September 30, 2021, IonQ became a public entity through a business combination with dMY Technology Group, Inc. III (“DTG”), a special purpose acquisition company (“SPAC” or “ blank check”).
The IonQ The class action alleges that, throughout the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) IonQ had not yet developed a 32-qubit quantum computer; (ii) IonQ’s 11-qubit quantum computer suffered from high error rates, rendering it useless; (iii) IonQ’s quantum computer is not reliable enough, so it is not accessible although it is available from major cloud providers; (iv) a significant portion of IonQ’s revenue was derived from improper back and forth transactions with related parties; and (v) as a result, defendants’ positive statements regarding IonQ’s business, operations and prospects were materially misleading and/or lacked reasonable basis.
On May 3, 2022, Scorpion Capital released an investigative report alleging, among other things, that IonQ is a “scam based on misrepresentations about nearly every key aspect of technology and business.” He further claimed that IonQ reported “[f]fictitious “income” via fictitious transactions and round trips between related parties. At this news, IonQ’s stock price fell about 9%, hurting investors.
Robbins Geller launched a dedicated SPAC working group to protect investors in blank check companies and seek redress for corporate wrongdoing. Comprised of experienced litigators, investigators and forensic accountants, the SPAC Task Force is dedicated to researching and prosecuting fraud on behalf of aggrieved SPAC investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased IonQ securities during the Class Period to seek appointment as lead plaintiff. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other firm from plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world, and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the most largest ever-recorded securities class action recovery – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:
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