NEW YORK, NY - (NewMediaWire) - April 22, 2022 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Arqit Quantum Inc. (“Arqit” or the “Company”) (NASDAQ: ARQQ, ARQQW).
If you suffered losses exceeding $50,000 investing in Arqit stock or options and would like to discuss your legal rights,Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ARQQ.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Arqit is a U.K. cybersecurity company that purports to have pioneered a unique quantum encryption technology which makes the communications links of any networked device secure against current and future forms of cyber attack, even an attack from a quantum computer.
Arqit went public in the U.S. on September 3, 2021, by merging with a special purpose acquisition company (“SPAC”). At the time, the Company projected it would rapidly become highly profitable, projecting $660 million in revenue in 2025. Shortly after the Company went public, the price of Arqit shares reached a high of $41.52.
On April 18, 2022, before the market opened, the Wall Street Journal published an article entitled, “British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say.” The article reported that Arqit gave investors an overly optimistic view of its committed and future revenue and the readiness and workability of its encryption system. According to the article, “[P]eople 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.”
On this news, the price of Arqit shares and warrants have fallen sharply during the trading day on April 18, 2022. As of this writing, the stock price is down approximately 19% and the warrants price is down approximately 39%.
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