NEW YORK, June 27, 2022 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against IonQ, Inc. ("IonQ" or the "Company") (NYSE: IONQ) and certain of its former officers. The class action, filed in the United States District Court for the District of Maryland, and docketed under 22-cv-01536, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired IonQ securities between March 30, 2021 and May 2, 2022, inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired IonQ securities during the Class Period, you have until August 1, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
IonQ claims to "develop quantum computers designed to solve the world's most complex problems."
On or about September 30, 2021, IonQ became a public entity via business combination with dMY Technology Group, Inc. III, a special purpose acquisition company.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that IonQ had not yet developed a 32-qubit quantum computer; (2) that the Company's 11-qubit quantum computer suffered from significant error rates, rendering it useless; (3) that IonQ's quantum computer is not sufficiently reliable, so it is not accessible despite being available through major cloud providers; (4) that a significant portion of IonQ's revenue was derived from improper round-tripping transactions with related parties; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On May 3, 2022, Scorpion Capital released a research report alleging, among other things, that IonQ is a "scam built on phony statements about nearly all key aspects of the technology and business." It further claimed that the Company reported "[f]ictitious 'revenue' via sham transactions and related-party round-tripping."
On this news, the Company's stock fell $0.71, or 9.03%, to close at $7.15 per share on May 3, 2022, on unusually heavy trading volume.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP