LOS ANGELES–(BUSINESS WIRE)–$BLNK #classaction—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Blink Charging Company (“Blink” or the “Company”) (NASDAQ: BLNK) common stock between March 6, 2020 and August 19, 2020, inclusive (the “Class Period”). Blink investors have until October 23, 2020 to file a lead plaintiff motion.
If you suffered a loss on your Blink investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/blink-charging-co/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On August 19, 2020, Culper Research issued a report alleging, among other things, that “the Company has vastly exaggerated the size of its EV charging network” and estimated that Blink’s “functional public charging station network consists of just 2,192 stations, a mere 15% of [the Company’s] claim.” Culper further alleged that its “investigators confirmed what Blink’s financials already suggest: almost no one uses Blink’s charging stations, many of which are in utterly decrepit condition.”
The same day, Mariner Research Group published another report, alleging that the Company’s “revenue growth has significantly seriously lagged the EV industry . . . due to persistent issues around product quality, customer churn, and user experience.”
On this news, the Company’s share price fell $2.29, or 22%, to close at $7.94 per share on August 20, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that many of Blink’s charging stations are damaged, neglected, non-functional, inaccessible; (2) that Blink’s purported partnerships and expansions with other companies were overstated; (3) that the purported growth of the Company’s network has been overstated; and (4) that, as a result, the Company’s public statements were materially false and materially misleading at all relevant times.
If you purchased Blink common stock during the Class Period, you may move the Court no later than October 23, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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