LOS ANGELES, June 10, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the July 5, 2022 deadline to file a motion as lead plaintiff in the class action lawsuit filed on behalf of: (a) investors who purchased Arqit Quantum Inc. (“Arqit or the “Company”) (NASDAQ: ARQQ, ARQQW ) securities between September 7, 2021 and April 18, 2022 inclusive (the “Class Period”); and/or (b) security holders of Centricus Acquisition Corp. (“Centricus”) on the record date of the extraordinary meeting of shareholders held on August 31, 2021.
If you have suffered a loss on your Arqit investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information to www.glancylaw.com/cases/arqit-quantum-inc/. You may also contact Charles H. Linehan, of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to find out more about your rights.
On April 18, 2022, The Wall Street Journal published an article reporting that Arqit’s encryption technology “may never apply beyond niche uses” and that when the company went public, Arqit had “little more than a prototype of its encryption system,” citing people familiar with the matter.
On this news, Arqit’s share price fell $2.57, or 17.1%, to close at $12.49 per share on April 18, 2022, hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, defendants failed to disclose to investors that: (1) Arqit’s proposed encryption technology would require widespread adoption of new telecommunications protocols and standards; (2) UK cybersecurity officials questioned the viability of Arqit’s proposed encryption technology at a meeting in 2020; (3) the UK government was not a client of Arqit but rather provided subsidies to Arqit; (4) Arqit had little more than an early prototype of its encryption system at the time of the Merger; and (5) therefore, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.
If you purchased or otherwise acquired securities of Arqit during the class action period, you may petition the court no later than July 5, 2022 to seek appointment as lead plaintiff in this putative class action. To be a class member, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or do nothing and remain an absentee member of the class action. If you would like to know more about this class action, or if you have any questions about this announcement or your rights or interests in the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected]or visit our website at www.glancylaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
Copyright 2022 GlobeNewswire, Inc.