|Company Name||IonQ, Inc.|
|Class Period||March 30, 2021 to May 02, 2022|
|Lead Plaintiff Motion Deadline||August 01, 2022|
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.
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 IonQ had not yet developed a 32-qubit quantum computer; (2) that the Company’s 11-qubit quantum computer suffered from significant error rates, rendering it useless; (3) that IonQ’s quantum computer is not sufficiently reliable, so it is not accessible despite being available through major cloud providers; (4) that a significant portion of IonQ’s revenue was derived from improper round-tripping transactions with related parties; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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