INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in Polestar Automotive Holding UK PLC of Class Action Lawsuit and Upcoming Deadlines - PSNY

PRNewswire 4-Feb-2025 3:05 PM

NEW YORK, Feb. 4, 2025 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Polestar Automotive Holding UK PLC ("Polestar" or the "Company") (NASDAQ:PSNY). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (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.

The class action concerns whether Polestar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until March 31, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Polestar securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On January 16, 2025, Polestar disclosed in a filing with the U.S. Securities and Exchange Commission that "the Company's previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the 'Audited Affected Financials') and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the 'Unaudited Affected Financials' and together with the Audited Affected Financials, the 'Affected Financials') contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024." Polestar said that "[t]he primary reason for this restatement decision relates to balance sheet errors concerning the Company's unique tooling . . . , which have resulted in an underreporting of assets and accrued liabilities in matching amounts for the periods referenced". 

On this news, Polestar's Class A American depositary share ("ADS") price fell $0.135 per ADS, or 11.07%, to close at $1.085 per ADS on January 16, 2025.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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SOURCE Pomerantz LLP