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Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against QuantumScape Corporation f/k/a Kensington Capital Acquisition Corp. for Securities Fraud Violations

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired QuantumScape Corporation (“QuantumScape”), f/k/a Kensington Capital Acquisition Corp. (“Kensington”), publicly traded securities between November 27, 2020 and December 31, 2020, inclusive (the “Class Period”).  QuantumScape’s Class A common stock trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “QS” and its publicly traded warrants trade on the NYSE under the ticker symbol “QS.WS.”
 

QuantumScape investors may receive additional information about the case by clicking the link "Submit Your Information" above.


According to the complaint, QuantumScape develops and commercializes solid-state lithium-metal batteries for electric vehicles (“EVs”). In 2012, QuantumScape began working with Volkswagen Group of America, Inc. (“Volkswagen”) and Volkswagen Group of America Investments, LLC (“VGA”) to develop an EV battery. In 2018, Volkswagen, VGA and QuantumScape announced the establishment of a joint production project to prepare solid-state batteries for mass production. On September 3, 2020, QuantumScape announced a merger with Kensington. Upon completion of the transaction, QuantumScape would receive $1 billion in financing, including funding from VGA and the Qatar Investment Authority.  That transaction was completed on November 27, 2020, and QuantumScape Class A common stock and warrants began trading on the NYSE.

On January 4, 2021, prior to the open of trading, Seeking Alpha published a research report entitled “QuantumScape’s Solid State Batteries Have Significant Technical Hurdles To Overcome.” The introduction of the Seeking Alpha report emphasized that “QuantumScape’s science is very good,” “[b]ut their batteries are small and unproven – not yet as big as an iWatch battery, and never tested outside a lab,” adding that “[t]here are significant risks associated with solid state batteries that have not been overcome,” and emphasizing that “[t]hey will likely never achieve the performance they claim.”

Following this news, the market prices of QuantumScape publicly traded securities fell precipitously, with the price of QuantumScape’s Class A common stock declining more than 63% from its Class Period high of more than $131 per share on December 22, 2020 to close down at $49.96 per share on January 4, 2021, including a one-day decline of more than $34 per share, or 41%, on January 4, 2021.

The complaint alleges that, throughout the Class Period, the defendants misrepresented and/or failed to disclose to investors that: (a) QuantumScape’s battery technology was not sufficient for EV performance as it would not be able to withstand the aggressive automotive environment; (b) QuantumScape’s battery technology likely provided no meaningful improvement over existing battery technology; (c) the successful commercialization of QuantumScape’s battery technology was subject to much more significant risks and uncertainties than the defendants had disclosed; and (d) as a result of the foregoing, the defendants materially overstated the value and prospects of QuantumScape’s battery technology. 

If you are a member of the class described above, you may no later than March 8, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.


A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (James Maro, Esq. (484-270-1453) or Adrienne Bell, Esq. (484-270-1435)); toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 
1-844-887-9500 (toll free) or 1-610-667-7706 
Or by e-mail at info@ktmc.com 
 

Please complete this form relating to your transactions for QuantumScape Corporation (NYSE: QS, QS.WS) securities between November 27, 2020 and December 31, 2020, inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.
 

* Denotes required field
 
 
 
 
 
 
# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of QuantumScape Corporation f/k/a Kensington Capital Acquisition Corp. prior to the Class Period?
Are you a current or former employee of QuantumScape Corporation f/k/a Kensington Capital Acquisition Corp. ?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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