NEW YORK, Dec. 30, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers or acquirers of the securities of Microvast Holdings, Inc. (“Microvast” or the “Company”) (NASDAQ: MVST) between October 19, 2022 and November 20, 2023, inclusive (the “Class Period”). Click Here to Join the Action.
If you acquired Microvast securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
According to the complaint, in October 2022, the United States Department of Energy (“DOE”) conditionally selected Microvast for a proposed $200 million grant to help fund a proposed polyaramid separator production facility (the “Grant”). Polyaramid is a high-temperature resistant synthetic polymer, and a polyaramid separator is an insulating film used in high-capacity lithium-ion batteries.
On May 22, 2023, according to the complaint, Reuters reported the DOE would not award Microvast the Grant and in a call with congressional staff that evening, a spokesperson for the DOE allegedly stated “[t]he department can confirm that it has elected to cancel negotiations and not to award Microvast funds from this competitive funding opportunity.”
On May 23, 2023, the Company’s share price fell $0.80, or about 36%, to close at $1.40 per share.
Then, on November 21, 2023, according to the complaint, J Capital Research published a report on Microvast entitled “MVST: Empty Facilities and a Grant Loss That Was Probably Hidden: Another China Hustle” (the “Report”). Further, according to the complaint, the Report alleged the Company knew the Grant had been rescinded for months prior to the reporting by Reuters, but failed to inform investors.
On November 21, 2023, the Company’s share price fell $0.325, or 25%, to close at $0.975 per share on November 21, 2023.
If you are a member of the proposed Class, you may move the court no later than February 5, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@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
