Polestar(PSNY) Prnewswire·2025-02-27 15:54Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Polestar Automotive Holding UK PLC due to alleged violations of federal securities laws, with a deadline for investors to seek lead plaintiff status by March 31, 2025 [2][4]. Group 1: Legal Investigation and Claims - The firm is encouraging investors who suffered losses exceeding $100,000 in Polestar between November 14, 2022, and January 16, 2025, to discuss their legal rights [1][2]. - The complaint alleges that Polestar's financial statements were materially misstated, and the company failed to disclose internal control weaknesses, leading to misleading statements about its business and operations [4]. - Polestar announced that its audited financial statements for the years ended December 31, 2022, and December 31, 2023, along with certain interim financial information, contained errors that necessitate restatement [5]. Group 2: Market Reaction - Following the announcement of the financial restatement, Polestar's Class A American Depositary Shares fell by 11% in intraday trading on January 16, 2025 [5]. Group 3: Class Action Details - The lead plaintiff in a class action is defined as the investor with the largest financial interest who is adequate and typical of class members, overseeing the litigation on behalf of the class [6]. - Any member of the putative class can move the court to serve as lead plaintiff or choose to remain an absent class member without affecting their ability to share in any recovery [6]. Group 4: Additional Information - Faruqi & Faruqi, LLP is also seeking information from whistleblowers, former employees, and shareholders regarding Polestar's conduct [7].