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LOS ANGELES, May 25, 2022 (GLOBE NEWSWIRE) — Portnoy Law Firm is advising investors of Volta Inc. (“Volta” or the “Company”) (NYSE: VLTA) that a class action lawsuit has been filed on behalf of investors. Volta investors who have lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone at 844-767-8529 or by email: [email protected], to discuss their legal rights, or click here to join the case via Portnoy Law Firm can provide a free case assessment and discuss options for investors to pursue claims to recover their losses.

On March 2, 2022, after market close, Volta disclosed that the financial impact of the restatement of its third quarter 2021 financial results – first announced after market on February 25, 2022 – was greater than previously announced. , with the company expecting to report a net loss of $69.7 million for the quarter. On this news, the Company’s stock price fell $0.11, or 2.6%, to close at $4.01 per share on March 3, 2022.

Then, on March 21, 2022, Volta announced that it would reschedule its fourth quarter and full year 2021 financial results. On this news, the Company’s share price fell $0.38, or 8 .4%, to close at $4.12 per share on March 21, 2022.

Finally, on March 28, 2022, Volta announced that its founders, Scott Mercer and Christopher Wendel, had resigned as CEO and Chairman, respectively, and from the Company’s Board of Directors. Following this news, the Company’s share price fell $0.76, or 18%, to close at $3.37 per share on March 28, 2022, on unusually high trading volume.

Throughout the Class Period, the Defendants have made materially false and/or misleading statements and failed to disclose material adverse facts regarding the company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors: (1) that Volta improperly accounted for the restricted stock units issued in connection with the business combination; (2) that, as a result, the Company had underestimated its net loss for the third quarter of 2021; (3) there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) that as a result of the foregoing, the Company would restate its financial statements; (5) that as a result of the foregoing, the founders of Volta would soon leave the Company; (6) that, as a result, the Company’s financial results would be adversely affected; and (7) that as a result of the foregoing, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis.

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Portnoy Law Firm represents investors in the prosecution of claims caused by corporate wrongdoing. The company’s founding partner has recovered more than $5.5 billion for harmed investors. Lawyer advertisement. Prior results do not guarantee similar results.

Lesley F. Portnoy, Esq.
Admitted to the CA and NY Bar
[email protected]
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