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Volta Inc.


A securities class action has been filed against Volta Inc. (VLTA) 0n behalf of persons and entities that purchased or otherwise acquired Volta securities between August 2, 2021 through March 28, 2022.  This case has been filed in the USDC – N.D.CA.

On February 28, 2022, Volta announced it would need to restate its September 30, 2021 10-Q because it underestimated stock-based compensation by $26.7 million. Then on March 21, 2022, Volta disclosed it was rescheduling its fourth quarter and year end 2021 earnings announcement. On this news, the price of Volta common stock fell $0.38 per share to $4.12 per share, or down 8.4%. Finally, on March 28, 2022, Volta announced its two co-founders were resigning from their respective roles and from the Volta board. On this news, the price of Volta common stock fell $0.76 per share to $3.37, or a drop of 18.4% on very heavy volume.

On March 28, 2022, Volta announced that its founder and Chief Executive Officer and its co-founder and president had resigned.

On this news, Volta’s stock declined as much as 19% during intraday trading on March 28, thereby injuring investors.

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Securities