| COMPANY |
QuantumScape Corporation f/k/a Kensington Capital Acquisition Corp. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
21-cv-00058 |
| JUDGE |
The Honorable William H. Orrick |
| CLASS PERIOD |
November 27, 2020 - December 31, 2020 |
| SECURITY TYPE |
All Securities |
Case Background:
According to the complaint, QuantumScape develops and commercializes solid-state lithium-metal batteries for electric vehicles (“EVs”). In 2012, QuantumScape began working with Volkswagen Group of America, Inc. (“Volkswagen”) and Volkswagen Group of America Investments, LLC (“VGA”) to develop an EV battery. In 2018, Volkswagen, VGA and QuantumScape announced the establishment of a joint production project to prepare solid-state batteries for mass production. On September 3, 2020, QuantumScape announced a merger with Kensington. Upon completion of the transaction, QuantumScape would receive $1 billion in financing, including funding from VGA and the Qatar Investment Authority. That transaction was completed on November 27, 2020, and QuantumScape Class A common stock and warrants began trading on the NYSE.
The Complaint alleges that, throughout the Class Period, the Defendants misrepresented and/or failed to disclose to investors that: (1) QuantumScape’s battery technology was not sufficient for EV performance as it would not be able to withstand the aggressive automotive environment; (2) QuantumScape’s battery technology likely provided no meaningful improvement over existing battery technology; (3) the successful commercialization of QuantumScape’s battery technology was subject to much more significant risks and uncertainties than the defendants had disclosed; and (4) as a result of the foregoing, the Defendants materially overstated the value and prospects of QuantumScape’s battery technology.
Current Status of Case:
On June 11, 2024, Lead Plaintiff filed a Motion for Preliminary Approval of Settlement. The Court granted the Motion for Preliminary Approval of Settlement on July 18, 2024. A Fairness Hearing is set for November 13, 2024. This action is ongoing.
The deadline to file a claim is December 13, 2024. If you have any questions or need further information about this settlement, you may go to the following website www.QuantumScapeSettlement.com, or you can contact the claims administrator, A.B. Data, Ltd., at 1-866- 778-9623.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.