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Investigation announced for Investors in shares of D-Wave Quantum Inc. (NYSE: QBTS) over possible Violations of Securities Laws

02-22-2024 06:46 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in D-Wave Quantum Inc. (NYSE: QBTS) shares over potential securities laws violations.

An investigation for investors in D-Wave Quantum Inc. (NYSE: QBTS) shares over potential securities laws violations.

An investigation was announced for investors of D-Wave Quantum Inc. (NYSE: QBTS) shares over potential securities laws violations by D-Wave Quantum Inc.

Investors who purchased shares of D-Wave Quantum Inc. (NYSE: QBTS), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by D-Wave Quantum Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Canada based D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. D-Wave Quantum Inc. reported that its annual Total Revenue rose from $6.27 million in 2021 to $7.17 million in 2022, and that its Net Loss increased from $31.54 million in 2021 to $51.52 million in 2022.

On February 2, 2024, after market close, D-Wave Quantum Inc. filed with the SEC a current report on Form 8-K in which it announced, in pertinent part, that its "audited financial statements included in its Annual Reports on Form 10-K for the periods ended December 31, 2022, 2021, and 2020", its "unaudited financial statements included in each [of the] quarterly reports on Form 10-Q for the periods endings September 30, 2023, June 30, 2023, and March 31, 2023," and certain prior registration statements filed on Forms S1 and S4 on various dates (collectively, the "Affected Periods"), "[. . .] should no longer be relied upon."
In the same 8-K, D-Wave Quantum Inc. announced that it "plans to restate, as soon as practicable, the Financial Statements for the Affected Periods[.] (collectively, the "Restatement"). The Restatement mainly impacts non-cash and non-operating components of other income (expense) and net loss on the consolidated statements of operations and research incentives receivable and loans payable on the consolidated balance sheets."

Shares of D-Wave Quantum Inc. (NYSE: QBTS) closed on February 21, 2024, at $1.82 per share.

Those who purchased shares of D-Wave Quantum Inc. (NYSE: QBTS) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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