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QuantumScape Corporation

Company NameQuantumScape Corporation
Stock SymbolQS
Class PeriodNovember 27, 2020 to December 31, 2020
Lead Plaintiff Motion DeadlineMarch 08, 2021

On January 4, 2021, an article was published on Seeking Alpha pointing to several risks with QuantumScape’s solid-state batteries that make it “completely unacceptable for real world field electric vehicles.” Specifically, it stated that the battery’s power means it “will only last for 260 cycles or about 75,000 miles of aggressive driving.” As solid-state batteries are temperature sensitive, “the power and cycle tests at 30 and 45 degrees above would have been significantly worse if run even a few degrees lower.”

On this news, the Company’s stock price fell $34.49, or approximately 40.84%, to close at $49.96 per share on January 4, 2021, 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 the Company’s purported success related to its solid-state battery power, battery life, and energy density were significantly overstated; (2) that the Company is unlikely to be able to scale its technology to the multi-layer cell necessary to power electric vehicles; and (3) 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.

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