LOS ANGELES–(BUSINESS WIRE)–Schall law firma national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Arqit Quantum Inc. (“Arqit” or “the Company”) (NASDAQ: ARQQ) for violating securities laws.
The investigation aims to determine whether the Company has made false and/or misleading statements and/or has failed to disclose relevant information to investors. Arqit is the subject of an article published by the the wall street journal on April 18, 2022, titled: “British crypto startup Arqit is overstating its prospects, say ex-employees and others.” According to the report, “Those familiar with the matter said that the majority of the company’s committed revenue did not come from the sale of its product and that at its public launch, the company had little more than a prototype of its encryption system.. Several clients listed by the company, including a number of UK government agencies, simply award Arqit research grants, non-binding memorandums of understanding or funding-free research agreements , without a contract for its crypto product, they said.Based on that report, Arqit shares fell more than 19% on the same day.
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