Cision PR Newswire

SAN DIEGO, Feb. 3, 2025 /PRNewswire/ -- Robbins LLP informs stockholders that a class action was filed on behalf of persons or entities who purchased or otherwise acquired Polestar Automotive Holding UK PLC (NASDAQ: PSNY) securities between November 14, 2022 and January 16, 2025. Polestar purports to be "the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future."

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Polestar Automotive Holding UK PLC (PSNY) had Internal Control Weaknesses Requiring the Company to Restate its Financials

According to the complaint, during the class period, defendants failed to disclose to investors that: (1) Polestar's financial statements during the class period were materially misstated; (2) Polestar understated its internal control weaknesses; and (3) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

The complaint alleges that on January 16, 2025, Polestar announced that the Company's previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the "Audited Affected Financials") and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the "Unaudited Affected Financials" and together with the Audited Affected Financials, the "Affected Financials") contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024.

On this news, the price of Class A Polestar ADSs declined by $0.135 per ADS, or 11%, on higher-than-average volume, to close at $1.0850 on January 16, 2025.

What Now: You may be eligible to participate in the class action against Polestar Automotive Holding UK PLC. Shareholders who want to serve as lead plaintiff for the class must file papers with the court by March 31, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. 

To be notified if a class action against Polestar Automotive Holding UK PLC settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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SOURCE Robbins LLP