SAN FRANCISCO, CA – (January 27, 2021) – The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of QuantumScape Corporation f/k/a Kensington Capital Acquisition Corp. (“QuantumScape” or the “Company”) (NYSE: QS; QS.WS) between November 27, 2020 and December 31, 2020, inclusive (the “Class Period”).
If you purchased or otherwise acquired QuantumScape securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 8, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
QuantumScape investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the QuantumScape Securities Class Litigation
QuantumScape, incorporated in Delaware and headquartered in San Jose, California, develops battery technology for electric vehicles and other applications.
The actions allege that, throughout the Class Period, defendants misrepresented and/or failed to disclose: (1) that QuantumScape’s battery technology was not sufficient for electric vehicle performance; (2) the Company’s battery technology likely provided no meaningful improvement over existing battery technology; and (3) the successful commercializationof the QuantumScape’s battery technology was subject to undisclosed and significant risks and uncertainties.
On January 4, 2021, Seeking Alpha published an article describing multiple risks with QuantumScape’s solid-state battery development and design that render the batteries “completely unacceptable for real world field electric vehicles.” According to the article, QuantumScape’s batteries “will only last for 260 cycles or about 75,000 miles of aggressive driving” and since solid-state batteries are sensitive to temperature, “the power and cycle tests at 30 and 45 degrees above would have been significantly worse if run even a few degrees lower.” On this news, the price of QuantumScape’s Class A common stock fell $34.49 per share, or 40.84%, from its closing price of $84.45 on December 31, 2020, to close at $49.96 per share on January 4, 2021, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP