SAN DIEGO, June 24, 2022 /PRNewswire/ — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of IonQ, Inc. (NYSE: IONQ; IONQ/WS) securities between March 30, 2021 and May 2, 2022, inclusive (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.). Filed on May 31, 2022, the IonQ class action lawsuit charges IonQ as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934. A similar lawsuit, Fisher v. IonQ, Inc., No. 22-cv-01536, is also pending in the District of Maryland.
If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:
CASE ALLEGATIONS: IonQ claims to “build the world’s best quantum computers to solve the world’s most complex problems.” On or about September 30, 2021, IonQ became a public entity via a business combination with dMY Technology Group, Inc. III (“DTG”), a special purpose acquisition company (“SPAC” or “blank-check company”).
The IonQ class action lawsuit alleges that, throughout the Class Period, 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 significant error rates, rendering it useless; (iii) IonQ’s quantum computer is not sufficiently reliable, so it is not accessible despite being available through major cloud providers; (iv) a significant portion of IonQ’s revenue was derived from improper round-tripping transactions with related parties; and (v) as a result, defendants’ positive statements about IonQ’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On May 3, 2022, Scorpion Capital released an investigative 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 IonQ reported “[f]ictitious ‘revenue’ via sham transactions and related-party round-tripping.” On this news, IonQ’s stock price fell approximately 9%, damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased IonQ securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who 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 lawsuit.
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 #1 on 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 plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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SOURCE Robbins Geller Rudman & Dowd LLP
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