Blink Charging Co.
|Company Name||Blink Charging Co.|
|Class Period||March 06, 2020 to August 19, 2020|
|Lead Plaintiff Motion Deadline||October 23, 2020|
On August 19, 2020, Culper Research issued a report alleging, among other things, that “the Company has vastly exaggerated the size of its EV charging network” and estimated that Blink’s “functional public charging station network consists of just 2,192 stations, a mere 15% of [the Company’s] claim.” Culper further alleged that its “investigators confirmed what Blink’s financials already suggest: almost no one uses Blink’s charging stations, many of which are in utterly decrepit condition.”
The same day, Mariner Research Group published another report, alleging that the Company’s “revenue growth has significantly seriously lagged the EV industry . . . due to persistent issues around product quality, customer churn, and user experience.”
On this news, the Company’s share price fell $2.29, or 22%, to close at $7.94 per share on August 20, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that many of Blink’s charging stations are damaged, neglected, non-functional, inaccessible; (2) that Blink’s purported partnerships and expansions with other companies were overstated; (3) that the purported growth of the Company’s network has been overstated; and (4) that, as a result, the Company’s public statements were materially false and materially misleading at all relevant times.
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