Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Arqit Quantum Inc. f/k/a Centricus Acquisition Corp. (ARQQ, ARQQW)
Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming July 5, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of: (a) investors who purchased Arqit Quantum Inc. ("Arqit" or the "Company") (NASDAQ: ARQQ, ARQQW) securities between September 7, 2021 and April 18, 2022, inclusive (the "Class Period"); and/or (b) holders of Centricus Acquisition Corp. ("Centricus") securities as of the record date for the special meeting of shareholders held on August 31, 2021.
If you suffered a loss on your Arqit investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/arqit-quantum-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via 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 "might never apply beyond niche uses," and that, when the Company went public, Arqit had "little more than an early-stage prototype of its encryption system," citing individuals 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, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Arqit's proposed encryption technology would require widespread adoption of new protocols and standards of for telecommunications; (2) British cybersecurity officials questioned the viability of Arqit's proposed encryption technology in a meeting in 2020; (3) the British government was not an Arqit customer but, rather, providing grants to Arqit; (4) Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Arqit securities during the Class Period, you may move the Court no later than July 5, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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