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QUBT ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Quantum Computing Inc. Investors
Globe Newswire 26-Feb-2025 8:00 PM
NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Quantum Computing Inc. ("Quantum" or the "Company") (NASDAQ:QUBT) securities during the period from March 30, 2020, through January 15, 2025 ("the Class Period"). Investors have until April 28, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 27, 2024, Iceberg Research ("Iceberg") published a reporting alleging that Quantum's press releases concerning its TFLN foundry, as well as purchase orders for the Company's TFLN chips, were a sham. Iceberg cited communications with a university professor who had ordered the Company's TFLN chips, photos of the address at which the Company's purported TFLN foundry was located per Quantum's website – which showed only what appeared to be an office building, and communications with ASU Research Park building management.
Then, on December 9, 2024, Iceberg published a second report addressing Quantum, noting that, although Quantum "ha[d] shared photos online of what is claims to be its foundry[,]" "this setup looks more like a laboratory" and "is a far cry from a foundry ready for ‘mass production' on what [Quantum] said would be ‘five acres within the extensive 320-acre research park hosted by ASU[.]" The same report further noted that "[f]rom 2021 to 9M24, [Quantum] reported insignificant levels of revenue, despite various claims, such as being a NASA sub-contractor." On this news, the price of Quantum shares declined by $0.46 per share, from $7.93 per share on December 6, 2024, to close at $7.47 on December 9, 2024.
Finally, on January 16, 2025, Capybara Research ("Capybara") published a report alleging, inter alia, that Quantum had overstated its ties to NASA and fabricated revenues through multiple related-party transactions, particularly with Quad M and millionways. The Capybara report also alleged that Quantum's products were fake, citing comments by former Quantum personnel; and that Quantum was pumping its stock price with false and misleading press releases, citing discussions with Quantum's former employees, Quantum's associates and prime contractors, and NASA personnel. Moreover, the Capybara report alleged that Quantum had never purchased the five-acre parcel at the ASU Research Park for its TFLN foundry, citing ASU Research Park management. On this news, Quantum's stock price fell $1.05 per share, from $10.88 per share on January 16, 2025, to close at $9.83 on January 17, 2025.
The complaint alleges that throughout the Class Period: (1) defendants overstated the capabilities of Quantum's quantum computing technologies, products, and/or services; (2) defendants overstated the scope and nature of Quantum's relationship with NASA, as well as the scope and nature of Quantum's NASA-related contracts and/or subcontracts; (3) defendants overstated Quantum's progress in developing a TFLN foundry, the scale of the purported TFLN foundry, and orders for the Company's TFLN chips; (4) defendants concealed the fact that Quantum's business dealings with Quad M and millionways both qualified as related party transactions; (5) accordingly, Quantum's revenues relied, at least in part, on undisclosed related party transactions; and (6) all the foregoing, once revealed, was likely to have a significant negative impact on Quantum's business and reputation.
If you purchased or otherwise acquired Quantum securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
