{"id":40556,"date":"2023-12-27T14:52:07","date_gmt":"2023-12-27T14:52:07","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/microvast-shareholder-notice-faruqi-faruqi-securities-litigation-partner-james-josh-wilson-encourages-investors-who-suffered-losses-exceeding-50000-in-microvast-to-contact-him-directly-to-discu\/"},"modified":"2023-12-27T14:52:07","modified_gmt":"2023-12-27T14:52:07","slug":"microvast-shareholder-notice-faruqi-faruqi-securities-litigation-partner-james-josh-wilson-encourages-investors-who-suffered-losses-exceeding-50000-in-microvast-to-contact-him-directly-to-discu","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/microvast-shareholder-notice-faruqi-faruqi-securities-litigation-partner-james-josh-wilson-encourages-investors-who-suffered-losses-exceeding-50000-in-microvast-to-contact-him-directly-to-discu\/","title":{"rendered":"MICROVAST SHAREHOLDER NOTICE: Faruqi & Faruqi Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Microvast To Contact Him Directly To Discuss Their Options"},"content":{"rendered":"
\n

If you suffered losses exceeding $50,000 investing in Microvast stock or options between October 19, 2022 and November 20, 2023 <\/strong>and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly <\/strong>at 877-247-4292 <\/strong>or 212-983-9330 (Ext. 1310)<\/strong>. You may also click here for additional information: www.faruqilaw.com\/MVST<\/strong><\/a>.<\/strong><\/p>\n

There is no cost or obligation to you.<\/strong><\/p>\n


<\/strong><\/p>\n

NEW YORK, Dec. 27, 2023 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Microvast Holdings, Inc. (\u201cMicrovast\u201d or the \u201cCompany\u201d) (NASDAQ: MVST) and reminds investors of the February 5, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.<\/p>\n

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.<\/p>\n

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and\/or misleading statements and\/or failing to disclose that: (1) that there was a reasonable likelihood that Microvast would not be awarded the Grant after due diligence was performed; (2) that negotiations had ceased and the Grant rescinded; (3) that the Company misrepresented the nature and profitability of its businesses and partnerships; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

In October 2022, the United States Department of Energy (\u201cDOE\u201d) conditionally selected Microvast for a proposed $200 million grant to help fund a proposed polyaramid separator production facility (the \u201cGrant\u201d). Polyaramid is a high-temperature resistant synthetic polymer, and a polyaramid separator is an insulating film used in high-capacity lithium-ion batteries.<\/p>\n

On May 22, 2023, after the market closed, Reuters reported the DOE would not award Microvast the Grant. In a call with congressional staff that evening, the DOE confirmed negotiations with Microvast concerning the Grant had been cancelled. A spokesperson for the DOE stated \u201c[t]he department can confirm that it has elected to cancel negotiations and not to award Microvast funds from this competitive funding opportunity.\u201d The DOE stated it would not comment publicly on why it decided to cancel negotiations with any applicant but did state \u201cthe Department of Energy maintains a rigorous review process prior to the release of any awarded funds, and it is not uncommon for entities selected to participate in award negotiations under a DOE competitive funding opportunity to not ultimately receive an award[.]\u201d This news came after months of political fervor over the Company\u2019s alleged ties to China.<\/p>\n

On this news, the Company\u2019s share price fell $0.80, or 36%, to close at $1.40 per share on May 23, 2023, on unusually heavy trading volume.<\/p>\n

Then, on November 21, 2023, at approximately 9:00 a.m., J Capital Research published a report on Microvast entitled \u201cMVST: Empty Facilities and a Grant Loss That Was Probably Hidden: Another China Hustle\u201d (the \u201cReport\u201d). The Report alleged the Company knew the Grant had been rescinded for months prior to Reuters reporting but failed to inform investors. The Report alleged further that \u201cthe majority of MVST\u2019s sales may be fake,\u201d that \u201cChinese customers account for 57% of revenue in 2023\u201d but drone footage shows the Company\u2019s Chinese factory \u201cshows almost no activity,\u201d that the Company \u201chas disappeared from Chinese procurement lists\u201d and \u201clocal competitors say the company is not making discernible sales\u201d and that the Company\u2019s reported backlog was \u201cdubious.\u201d<\/p>\n

On this news, the Company\u2019s share price fell $0.33, or 25%, to close at $0.98 per share on November 21, 2023, on unusually heavy trading volume.<\/p>\n

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.\u00a0\u00a0<\/p>\n

Faruqi & Faruqi, LLP also encourages anyone with information regarding Microvast\u2019s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.<\/p>\n

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.<\/p>\n

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/165045a2-81c1-4076-820a-38057608bc81<\/a><\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

If you suffered losses exceeding $50,000 investing in Microvast stock or options between October 19, 2022 and November 20, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com\/MVST. There is no cost […]<\/p>\n","protected":false},"author":2,"featured_media":40557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/ml.globenewswire.com\/Resource\/Download\/8628babf-2ea4-4b8a-a60b-260db109bfa2","fifu_image_alt":"","footnotes":""},"categories":[208],"tags":[],"class_list":["post-40556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globenewswire"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/40556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=40556"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/40556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/40557"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=40556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=40556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=40556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}