Have you lost money on your investments in Arqit Quantum? If so, please visit Arqit Quantum Inc. Shareholder Class Action or contact Pierre Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who (i) purchased or acquired the securities of Arqit Quantum Inc. (“ Arqit” or the “Company”) (ARQQ, ARQQW), f/k/a Centricus Acquisition Corp. (“Centricus”) (CENH, CENHU, CENHW) between September 7, 2021 and April 18, 2022, inclusive (the “Class Period”); and/or (ii) held Centricus securities on the record date of the extraordinary meeting of shareholders held on August 31, 2021 to consider the approval of the merger between Arqit and Centricus (the “Merger”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1934.
Arqit is a cybersecurity company that pioneered a unique quantum encryption technology. Arqit claimed that its quantum encryption technology would be secure against current and future forms of cyber attacks, including from a quantum computer.
On May 28, 2021, Arqit filed with the SEC a proposed merger registration on Form F-4 (the “Proxy Statement”) for the Merger. Then, on July 30, 2021, Arqit filed with the SEC a prospectus (the “Prospectus”) for the Merger, which forms part of the Proxy Circular.
According to the complaint, the power of attorney contained a section on risk factors that did not discuss the risks to Arqit surrounding the adoption of new communication technologies necessary for Arqit’s encryption technology; namely that Arqit needed some new protocols and standards for telecommunications, cloud computing and internet services which were not currently supported.
Plaintiff also alleges that throughout the Class Period, Defendants made misleading statements about Arqit’s business because: (1) Arqit’s proposed encryption technology would require widespread adoption of new protocols and standards telecommunications; (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; and (4) Arqit had little more than an early prototype of its encryption system at the time of the Merger.
On April 18, 2022, The Wall Street Journal (the “WSJ”) published an article titled “British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say”. The WSJ article stated, in part: “When the company got listed on the Nasdaq last fall, its revenue consisted of a handful of government grants and small research contracts, and its flagship product was a one-shot prototype. early stage unable to cipher anything in practice., according to [former employees and other people familiar with the company].” Further away, “[t]he encryption technology on which the company is based – a system of protection against next-generation quantum computers – may never apply beyond niche uses, many people inside and outside have warned. outside the company, unless there is a major overhaul of Internet protocols. On this news, Arqit’s stock price fell more than 17% to close at $12.49 per share on April 18, 2022.
If you wish to act as the main plaintiff, you must apply to the court no later than July 5, 2022. A lead plaintiff is a representative party acting on behalf of the other class members to direct the litigation. Your ability to participate in any recovery does not require you to serve as the primary plaintiff. If you choose to do nothing, you can remain an absent member of the group.
If you purchased or held the securities of Arqit Quantum Inc. (f/k/a Centricus Acquisition Corp.) as set forth above, and/or wish to discuss your legal rights and options please visit Arqit Quantum Inc. Shareholder Class Action or contact Pierre Allocco at (212) 951-2030 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and bring lawsuits on their behalf. Following its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “plaintiffs list” thirteen times and listed in The Legal 500 for ten consecutive years.
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