NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of NWTN Inc. (“NWTN” or the “Company”) (NASDAQ: NWTN). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether NWTN and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 24, 2024, NWTN issued a press release “announc[ing] that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it has not yet filed its Annual Report on Form 20-F for the period ended December 31, 2023 (the ‘Form 20-F’) with the Securities and Exchange Commission (the ‘SEC’)” and that “the Company has 60 calendar days, or no later than July 22, 2024, to submit a plan to regain compliance.”
On this news, NWTN’s stock price fell $0.58 per share, or 14.43%, to close at $3.44 per share on May 28, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
