Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Blink Charging Company (BLNK)
Oct 16, 2020
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Law Offices of Howard G. Smith reminds investors of the upcoming October 23, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Blink Charging Company common stock between March 6, 2020 and August 19, 2020, inclusive (the "Class Period").
Investors suffering losses on their Blink investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected]
On August 19, 2020, Culper Research issued a report alleging, among other things, that "the Company has vastly exaggerated the size of its EV charging network" and estimated that Blink's "functional public charging station network consists of just 2,192 stations, a mere 15% of [the Company's] claim." Culper further alleged that its "investigators confirmed what Blink's financials already suggest: almost no one uses Blink's charging stations, many of which are in utterly decrepit condition."
The same day, Mariner Research Group published another report, alleging that the Company's "revenue growth has significantly seriously lagged the EV industry . . . due to persistent issues around product quality, customer churn, and user experience."
On this news, the Company's share price fell $2.29, or 22%, to close at $7.94 per share on August 20, 2020, thereby injuring investors.
The complaint filed 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 many of Blink's charging stations are damaged, neglected, non-functional, inaccessible; (2) that Blink's purported partnerships and expansions with other companies were overstated; (3) that the purported growth of the Company's network has been overstated; and (4) that, as a result, the Company's public statements were materially false and materially misleading at all relevant times.
If you purchased or otherwise acquired Blink common stock, you may move the Court no later than October 23, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania, 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
Contact Information:Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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