NEW YORK, May 16, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of IonQ ("IonQ or the "Company") (IONQ: NYSE), a company that was formed by the September 2021 business combination with dMY Technology Group, Inc. III (“dMY III”) (NYSE: DMYI), a publicly traded special acquisition company.
In October 2020, IonQ claimed its 32-qubit machine is "the world's most powerful quantum computer." However, on May 3, 2022, activist short seller Scorpion Capital issue a report on IonQ alleging the Company's claims of a 32-qubit machine are a "brazen hoax." Scorpian Capital alleges that past employees have stated in interviews that the technology "doesn't exist," that "it was totally made up," and that the Company is "trying to cover up that it is not there."
Scorpion Capital also allegest that “IonQ’s only actual machine. . . is an old 11-qubit toy computer for demonstration purposes that ex-employees, leading quantum experts, and key partners all described as primitive, useless, doomed by fatal error rates inherent to the technology, unreliable with low uptime, and so slow that a useful calculation could take 3 years." In addition, Scorpion accused IonQ of recording fictitious revenue via sham transactions and related-party round-tripping and, thereby, creating the illusion of commercial momentum.
Following this news, the price of IonQ shares fell $0.71 per share, about 9%, to close at $7.15 per share on May 3, 2022.
If you purchased or otherwise acquired IonQ securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
