Grabar Law Office Investigates Potential Claims Against Officers and Directors of Volta, Inc. (VLTA)

Philadelphia, Pennsylvania--(Newsfile Corp. - May 18, 2022) - A federal securities fraud class action complaint has been filed against Volta, Inc. and certain of its officers and directors alleging that from August 2, 2021 to March 28, 2022, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Volta had improperly accounted for restricted stock units issued in connection with the business combination of Volta Industries, Inc. ("Legacy Volta") and Tortoise Acquisition Corp. II; (2) as a result, the Company had understated its net loss for third quarter 2021; (3) there were material weaknesses in the Company's internal control over financial reporting that resulted in a material error; (4) as a result of the foregoing, the Company would restate its financial statements; (5) as a result of the foregoing, Legacy Volta's founders would imminently exit the Company; (6) as a result, the Company's financial results would be adversely impacted; and (7) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Current Volta shareholders who have held shares of Volta stock since at least August 2, 2021 can seek corporate reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate.

If you would like to learn more about this matter at no cost to you, please fill out the form provided at https://grabarlaw.com/the-latest/volta-inc-investigation/ or contact us at jgrabar@grabarlaw.com or call 267-507-6085.

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These materials have been prepared by the Grabar Law Office for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Prior results referred to in these materials do not guarantee or suggest a similar result in other matters.

Contact:

Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124476