HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages IonQ, Inc. (IONQ) Investors with Significant Losses to Contact Firm’s Attorneys Before Aug. 1st Deadline in Securities Fraud Action
News provided byHagens Berman Sobol Shapiro LLP
Jul 23, 2022, 10:16 AM ET
SAN FRANCISCO, July 23, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges IonQ, Inc. (NYSE: IONQ) investors who suffered significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
IonQ, Inc. (NYSE: IONQ) Securities Fraud Class Action:
The lawsuit focuses on IonQ’s statements about its 32-qubit machine which the company claims is “the world’s most powerful quantum computer.” IonQ’s representations allowed the company to go public through a SPAC-merger in late Sept. 2021.
Specifically, the complaint alleges Defendants misrepresented and omitted that: (1) IonQ had not yet developed a 32-qubit quantum computer; (2) the company’s 11-qubit quantum computer suffered from significant error rates, rendering it useless; (3) IonQ’s quantum computer is not sufficiently reliable, so it is not accessible despite being available through major cloud providers; and, (4) a significant portion of IonQ’s revenue was derived from improper round-tripping transactions with related parties.
The truth emerged on May 3, 2022, when activist short-seller Scorpion Capital published a 183-page scathing report alleging the company’s claims of a 32-qubit machine are a “brazen hoax,” that IonQ’s only actual machine is an old 11-qubit toy computer for demonstration purposes that ex-employees, leading quantum experts, and key partners “all described as primitive, useless, doomed by fatal error rates inherent to the technology, unreliable with low uptime, and so slow that a useful calculation could take 3 years,” and it created the illusion of commercial momentum via sham related-party transactions.
“We’re focused on investors’ losses and proving IonQ misrepresented the existence of- and commercial prospects for- its 32-qubit computer,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in IonQ and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding IonQ should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IONQ@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895