Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of: (a) investors who purchased Arqit Quantum Inc. (“Arqit or the “Company”) ARQQARQQW titles between September 7, 2021 and April 18, 2022, inclusive (the “Class Period”); and/or (b) security holders of Centricus Acquisition Corp. (“Centricus”) on the record date of the extraordinary meeting of shareholders held on August 31, 2021. Investors in Arqit have until July 5, 2022 to file a petition of the main plaintiff.
If you have suffered a loss on your Arqit investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information to www.glancylaw.com/cases/arqit-quantum-inc/. You may also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.
On April 18, 2022, The Wall Street Journal published an article reporting that Arqit’s encryption technology “may never apply beyond niche uses” and that when the company went public, Arqit had “little more than a prototype of its encryption system,” citing people familiar with the matter.
On this news, Arqit’s share price fell $2.57, or 17.1%, to close at $12.49 per share on April 18, 2022, hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, defendants failed to disclose to investors that: (1) Arqit’s proposed encryption technology would require widespread adoption of new telecommunications protocols and standards; (2) UK cybersecurity officials questioned the viability of Arqit’s proposed encryption technology at a meeting in 2020; (3) the UK government was not a client of Arqit but rather provided subsidies to Arqit; (4) Arqit had little more than an early prototype of its encryption system at the time of the Merger; and (5) therefore, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.
If you purchased or otherwise acquired Arqit securities during the Class Period, you may bring an action in court no later than July 5, 2022 ask the Tribunal to appoint you as the principal plaintiff. To be a member of the Group, you do not have to perform any action at the moment; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the Class. If you would like to know more about this action, or if you have any questions about this announcement or your rights or interests in respect of these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.
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