LOS ANGELES, CA - (NewMediaWire) - April 20, 2022 - The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Arqit Quantum Inc. (“Arqit” or “the Company”) (NASDAQ: ARQQ) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Arqit is the subject of an article published by the Wall Street Journal on April 18, 2022, titled: “British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say.” According to the report, “The people familiar with the matter said that the bulk of the company’s committed revenue isn’t from selling its product and that at its public launch, the company had little more than an early-stage prototype of its encryption system. Several clients the company lists—including a number of British government agencies—are simply giving Arqit research grants, nonbinding memorandums of understanding or research agreements that come with no funding, not contracts for its encryption product, they said.” Based on this report, shares of Arqit fell by more than 19% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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The Schall Law Firm
Brian Schall, Esq.