SAN DIEGO–(BUSINESS WIRE)–The Class: Shareholder rights law firm Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired IonQ (NYSE: IONQ) securities between March 30, 201 and May 2, 2022, for violations of the Securities Exchange Act of 1934. IonQ purports to “develop quantum computers designed to solve the world’s most complex problems.”
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What is this Case About: IonQ, Inc. (IONQ) Failed to Disclose Material Information about the Development and Effectiveness of its Computers to Shareholders
According to the complaint, on September 30, 2021, IonQ became a public entity via business combination with dMY Technology Group, Inc. III, a special purpose acquisition company. On May 3, 2022, Scorpion Capital released a research 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 the Company reported “[f]ictitious ‘revenue’ via sham transactions and related-party round-tripping.” On this news, the Company’s stock fell $0.71, or 9%, to close at $7.15 per share on May 3, 2022, on unusually heavy trading volume.
During the class period, defendants failed to disclose to investors that: (1) IonQ had not yet developed a 32-qubit quantum computer; (2) the Company’s 11-qubit…
