#United States #New Jersey #Class Action #QCi #Quantum Computing Inc.

Pomerantz Law Firm Initiates Class Action Against Quantum Computing Inc.

On March 3, 2025, the Pomerantz Law Firm announced the commencement of a class action lawsuit against Quantum Computing Inc., also known as QCI (NASDAQ: QUBT), along with certain executives of the company. This lawsuit was filed in the United States District Court for the District of New Jersey and is assigned the docket number 25-cv-01457. The suit seeks to represent all individuals and entities, excluding the defendants themselves, who acquired QCI securities between March 30, 2020, and January 15, 2025. The purpose of the lawsuit is to recover damages attributed to the alleged violations of federal securities laws by the company's management.

As a potential claimant, investors who purchased QCI securities during this defined time frame have until April 28, 2025, to request appointment as Lead Plaintiff for the class. Interested individuals can find the full details of the complaint on the Pomerantz Law Firm's website. For inquiries related to the case, potential plaintiffs are encouraged to reach out to Danielle Peyton at [email protected] or call 646-581-9980.

Background on Quantum Computing Inc.

Quantum Computing Inc. is positioned as an innovator within the technology sector, focusing on non-linear quantum optics tailored for high-performance computing applications. Since its inception in 2018, the company has broadened its objectives, transitioning from quantum-computer-ready software to developing quantum photonic technology and devices. More recently, QCI has directed its efforts towards integrating quantum technologies with AI applications, and manufacturing TFLN (thin film lithium niobate) quantum computing chips.

In a significant development, in September 2023, QCI announced the establishment of a Quantum Photonic Chip Foundry at a five-acre site located within the Arizona State University's Research Park. The defendants had anticipated commencing mass production of TFLN chips by late 2024 or early 2025, suggesting a bold step in advancing their technological capabilities.

Allegations in the Class Action

Throughout the class period, the complaint asserts that QCI’s executives made numerous misleading statements about the company’s operations and business health. This included an overestimation of QCI’s technological capabilities and exaggerating both their relationship with NASA and the scope of contracts related to this partnership. Additionally, it was alleged that the revenue figures reported by QCI were inflated and that significant business transactions, notably involving Quad M Solutions and millionways, Inc., were not disclosed as related-party transactions. Such actions contributed to an opaque presentation of the company’s finances, and upon disclosure, were likely to disparage QCI’s reputation and business standing.

Investigation firm Iceberg Research raised alarming claims in a November 2024 report, suggesting that QCI's announcements about its TFLN foundry were misleading. They referenced correspondence with university professors and management at ASU’s Research Park, which contradicted QCI's portrayal, depicting the facility as merely an office space rather than a full-fledged production hub. Further probes uncovered that even though QCI could share visuals of a facility they claimed to operate, it appeared to conduct operations in a much less sophisticated environment than promised.

Consequent to the release of these reports, QCI's stock faced significant devaluation, dropping over 5% to close at $7.47 per share on December 9, 2024. Further negative press followed, highlighting allegations of fabricated revenues and hyperbolic claims concerning contracts with NASA, leading the stock to plummet by nearly 15% shortly thereafter.

The Pomerantz Law Firm's Role

With a strong reputation in corporate, securities and antitrust class litigation, Pomerantz LLP is recognized as a leader in fighting for the rights of shareholders. Established by the late Abraham L. Pomerantz, the firm has dedicated itself to protecting investors from fraud and misconduct.

As the landscape of quantum computing continues to evolve, the ramifications of this lawsuit could have significant implications for QCI and its stakeholders. Investors are urged to remain vigilant and consider participation if they fit the criteria for this class action.

For more information about joining the class action lawsuit, potential plaintiffs should visit the Pomerantz Law Firm's official website or contact the listed representatives directly.