Polestar(PSNY) GlobeNewswire News Room·2025-03-12 00:30Core Viewpoint - A class action lawsuit has been filed against Polestar Automotive Holding UK PLC, alleging that the company had internal control weaknesses that led to materially misstated financial statements during the class period from November 14, 2022, to January 16, 2025 [1][2]. Group 1: Allegations and Financial Restatement - The complaint claims that Polestar failed to disclose significant internal control weaknesses and that its financial statements were materially misstated [2]. - On January 16, 2025, Polestar announced that its audited financial statements for the years ended December 31, 2022, and December 31, 2023, along with certain unaudited interim financial information, contained errors that necessitated a restatement [3]. - The affected financials include both audited and unaudited reports, specifically for the six-month periods ending June 30, 2023, and June 30, 2024 [3]. Group 2: Market Reaction - Following the announcement of the financial restatement, the price of Class A Polestar ADSs fell by 1.0850 on January 16, 2025, with higher-than-average trading volume [4]. Group 3: Class Action Participation - Shareholders may be eligible to participate in the class action against Polestar, with a deadline to file as lead plaintiff by March 31, 2025 [5]. - Shareholders do not need to actively participate in the case to be eligible for recovery, as they can remain absent class members [5].