Polestar Automotive Holding UK PLC Class Action Lawsuit: Lead Plaintiff Deadline Approaches

Polestar Automotive Holding UK PLC (PSNY) is being investigated for alleged internal control weaknesses and misstated financial statements. The company announced that its previously issued financial statements contained errors, warranting a restatement. Shareholders who purchased or acquired PSNY securities between November 14, 2022 and January 16, 2025 may be eligible to participate in a class action. The lead plaintiff must file papers with the court by March 31, 2025.

Polestar Automotive Holding UK PLC (PSNY), the Swedish electric performance car brand, is currently under investigation for alleged internal control weaknesses and misstated financial statements. According to a class action filed on behalf of investors, the company's financial statements during the period of November 14, 2022, and January 16, 2025, contained errors that warranted a restatement [1].

The allegations against PSNY claim that the company failed to disclose material information to investors during the class period. Specifically, the complaint alleges that PSNY's financial statements were materially misstated, and the company understated its internal control weaknesses [1]. As a result, the company's statements about its business, operations, and prospects were materially false and misleading or lacked a reasonable basis at all relevant times [1].

On January 16, 2025, PSNY announced that its previously issued audited financial statements and unaudited interim financial information contained errors that required restatement [1]. The price of PSNY's Class A American Depositary Shares (ADSs) declined by $0.135 per ADS, or 11%, on higher-than-average volume, to close at $1.0850 on January 16, 2025 [1].

Investors who purchased or acquired PSNY securities during the class period may be eligible to participate in the class action against the company [1]. The lead plaintiff must file papers with the court by March 31, 2025 [1].

The investigation into PSNY's financial statements and internal control weaknesses raises concerns about the accuracy of the company's financial reporting and its ability to deliver on its ambitious plans for a sustainable future.

References:
[1] GlobeNewswire. (2025, February 3). Polestar Automotive Holding UK PLC Shareholder Alert: Shareholder Rights Law Firm Robbins LLP Reminds Investors of the Class Action Against PSNY. Retrieved February 5, 2025, from https://www.globenewswire.com/news-release/2025/02/04/3019940/0/en/Polestar-Automotive-Holding-UK-PLC-Shareholder-Alert-Shareholder-Rights-Law-Firm-Robbins-LLP-Reminds-Investors-of-the-Class-Action-Against-PSNY.html