Lawsuit filed for Investors with significant losses in shares of Polestar Automotive Holding UK PLC (NASDAQ: PSNY)

An investor, who purchased shares of Polestar Automotive Holding UK PLC (NASDAQ: PSNY), filed a lawsuit over alleged violations of Federal Securities Laws by Polestar Automotive Holding UK PLC in connection with certain allegedly false and misleading statements.

Investors who purchased a significant amount of shares of Polestar Automotive Holding UK PLC (NASDAQ: PSNY) between November 14, 2022 and January 16, 2025, have certain options and for certain investors are short and strict deadlines running. Deadline: March 31, 2025. NASDAQ: PSNY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Sweden based Polestar Automotive Holding UK PLC manufactures and sells premium electric vehicles. The company was founded in 2017.

Gores Guggenheim, Inc was a special purpose acquisition company that was formed in for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase and filed its S1 filiing with the SEC in February 2021.

In September 2021, Polestar announced its intention to list as a public company on Nasdaq in a business combination agreement with Gores Guggenheim, Inc.

Shares of Gores Guggenheim, Inc. (formerly Nasdaq: GGPI) subsequently traded as high as $16.41 per share in November 2021.

On June 23, 2023, Polestar Performance AB and its affiliates ("Polestar" or the "Company") and Gores Guggenheim, Inc. ("Gores Guggenheim") (GGPIW and GGPIU), a special purpose acquisition company ("SPAC") formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced the completion of their previously announced business combination (the "Business Combination"). The combined company retained the Polestar name and commenced trading on the Nasdaq under the new ticker symbol "PSNY" on June 24, 2022.

Polestar Automotive Holding UK PLC reported that its annual Total Revenue declined from over $2.44 billion in 2022 to over $2.37 billion in 2023, and that its Net Loss increased from $477.45 million in 2022 to over $1.19 billion in 2023.

On January 16, 2025, Polestar Automotive Holding UK PLC (NASDAQ: PSNY) filed a current report on Form 6-K with the U.S. Securities and Exchange Commission that stated that the Companys previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the Audited Affected Financials) and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the Unaudited Affected Financials and together with the Audited Affected Financials, the Affected Financials) contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024 . . . As a result of the above noted accounting errors, the Audit Committee, based on the recommendation of, and after consultation with, the Companys management, have further concluded that the Affected Financials should no longer be relied upon . . ..

Shares of Polestar Automotive Holding UK PLC (NASDAQ: PSNY) declined have since declined to $0.976 per share on February 03, 2025.

The plaintiff claims that between November 14, 2022 and January 16, 2025, the defendants made false and/or misleading statements and/or failed to disclose that Polestar's financial statements during the Class Period were materially misstated, that Polestar understated its internal control weaknesses, and that as a result, defendants' statements about Polestar's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Polestar Automotive Holding UK PLC (NASDAQ: PSNY) 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.

This release was published on openPR.