A securities class action has been filed against Polestar Automotive Holding UK PLC (PSNY) behalf of persons or entities who purchased or otherwise acquired Polestar Automotive securities publicly traded on the NASDAQ between November 14, 2022 through January 16, 2025. This case has been filed in the USDC – NJ.
The Complaint alleges that the defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose 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 Polestar’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
As a result, 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.