A federal securities fraud class action complaint has been filed against Volta, Inc. and certain of its officers and directors.  The complaint alleges that from August 2, 2021 to March 28, 2022, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Volta had improperly accounted for restricted stock units issued in connection with the business combination of Volta Industries, Inc. (“Legacy Volta”) and Tortoise Acquisition Corp. II; (2) as a result, the Company had understated its net loss for third quarter 2021; (3) there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) as a result of the foregoing, the Company would restate its financial statements; (5) as a result of the foregoing, Legacy Volta’s founders would imminently exit the Company; (6) as a result, the Company’s financial results would be adversely impacted; and (7) 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.

Current Volta shareholders who have held shares of Volta stock since at least August 2, 2021 can seek corporate reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate.

If you would like to learn more about this matter at no cost to you, please contact us at jgrabar@grabarlaw.com or call 267-507-6085.