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Hagens Berman and Pomerantz LLP, as Co-Lead Counsel, announce that the Court-appointed Lead Plaintiffs jointly represented by the firms have filed a consolidated amended complaint in the securities fraud class action lawsuit pending against Blink and certain of its senior executives. The firm encourages individuals with relevant, non-public information regarding Blink to contact the firm now.
Blink Charging Co. (BLNK) Securities Class Action:
The action, captioned Bush v. Blink Charging Co., et al., No. 20-23527, was filed in the United States District Court for the Southern District of Florida on February 19, 2021, on behalf of all investors who purchased or otherwise acquired the publicly-traded securities of Blink during the period from March 6, 2020 and August 19, 2020, inclusive (the "Class Period").
If you have information regarding Blink’s alleged fraud, Hagens Berman and Pomerantz want to hear from you. Individuals with non-public information regarding Blink are encouraged to contact the firms by emailing BLNK@hbsslaw.com or by calling 844-916-0895.
As alleged in the Amended Complaint, throughout the Class Period, Defendants misrepresented and concealed the size and functionality of Blink’s electric vehicle ("EV") charging station network. Specifically, Defendants repeatedly promoted Blink’s deployment of over 15,000 chargers at which EV drivers can "easily charge." Defendants also touted the advanced technical features of Blink’s charging units. In truth, the Company’s public charging station network consists of just 2,192 stations—a scant 15% of Blink’s representations. Moreover, Blink’s public charging station network was littered with obsolete and inoperable chargers, which the Company refused to service or replace.
Investors began to learn the truth on August 19, 2020, when analyst Culper Research published a scathing report accusing the company of vastly exaggerating the size of its EV charging network. In addition, Culper reported "[o]ur on-the-ground visits to 242 stations at 88 locations across the U.S. revealed a plethora of neglected, abused, non-functional, or otherwise missing chargers."
On this news, Blink’s stock price fell from its August 18, 2020 closing price of $10.23 per share to an August 20, 2020 closing price of $7.94 per share, representing a two-day drop of over 22% and erasing over $72 million in market capitalization.
On December 21, 2020, Hagens Berman and Pomerantz were named co-lead counsel in the case by the Honorable Kathleen M. William.
Individuals with information regarding Blink may contact Hagens Berman and Pomerantz LLP by emailing BLNK@hbsslaw.com or by calling 844-916-0895.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005898/en/
Reed R. Kathrein - lead attorney