Blink Charging Co.
Lead Plaintiff Deadline: 10/23/2020
SUMMARY OF CASE:
A securities class action has been filed against Blink Charging Co. (BLNK) on behalf of purchasers of Blink Charging shares between March 6, 2020 through August 19, 2020. This case has been filed in the USDC – S.D.FL.
The Complaint alleges that on August 19, 2020, analyst Culper Research issued a report on Blink Charging, contending that “the Company has vastly exaggerated the size of its EV charging network in order to siphon money from the pockets of investors to insiders. Blink claims that ‘EV drivers can easily charge at any of its 15,000 charging stations’ but we estimate the Company’s functional public charging station network consists of just 2,192 stations, a mere 15% of this claim.” Culper continued 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.” On this news, the price of Blink Charging shares fell precipitously over the following trading days.