NEW YORK, June 27, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Arqit Quantum Inc. (f/k/a Centricus Acquisition Corp.) ("Arqit" or the "Company") (NASDAQ: ARQQ). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Arqit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 18, 2022, The Wall Street Journal published a story entitled: "British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say." The Wall Street Journal reported, among other things, that "Arqit has given investors an overly optimistic view of its future revenue and the readiness and workability of its signature encryption system", citing "former employees and other people familiar with the company, and documents viewed." Specifically, "people familiar with the matter said that the bulk of [Arqit's] committed revenue isn't from selling its product and that at its public launch, [Arqit] had little more than an early-stage prototype of its encryption system. Several clients [Arqit] lists—including a number of British government agencies—are simply giving Arqit research grants, nonbinding memorandums of understanding or research agreements that come with no funding, not contracts for its encryption product, they said." The article also reported that "[i]n April 2021, Arqit's chief revenue officer resigned after raising concerns with [Arqit's CEO] that he was overstating contracts and giving unrealistic revenue projections to potential investors".
On this news, Arqit's stock price fell $4.61 per share, or 30.61%, over the following two trading sessions, to close at $10.45 per share on April 19, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
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