#United States #New York #Class Action #Pomerantz LLP #Polestar Automotive

Investor Alert: Class Action Lawsuit Filed Against Polestar Automotive

On March 3, 2025, Pomerantz LLP formally announced the initiation of a class action lawsuit against Polestar Automotive Holding UK PLC, commonly known as Polestar (NASDAQ: PSNY). The firm is reaching out to all investors who experienced financial losses linked to their investments in Polestar and is urging them to participate in the legal proceedings.

The lawsuit raises claims of securities fraud, focusing on allegations that Polestar, along with certain executives and directors, engaged in unlawful business practices. As investors, if you bought or otherwise acquired Polestar's securities during the defined class period, you could be eligible to join this legal action. The firm has set a critical deadline of March 31, 2025, for potential class members to request the Court to appoint them as Lead Plaintiff.

For those interested, Pomerantz LLP has provided a contact option. Investors can reach out to Danielle Peyton via email at [email protected] or by calling 646-581-9980. When contacting, it’s recommended to include personal details such as your mailing address, phone number, and the number of shares acquired. A copy of the complaint can also be accessed from Pomerantz's website at www.pomerantzlaw.com.

Background on the Legal Claims

The class action stems from a troubling disclosure made by Polestar on January 16, 2025, which indicated that significant errors were identified in the company’s previously issued audited financial statements. These issues were evident in their Annual Reports on Form 20-F for the years ending December 31, 2022, and December 31, 2023, as well as in the unaudited interim financial reports issued within Current Reports on Form 6-K for the quarterly periods ending between September 30, 2022, and June 30, 2024.

Polestar's official statement highlighted that these errors necessitated a restatement of their financial results, particularly relating to discrepancies in their balance sheet concerning unique tooling. This resulted in an understatement of both assets and accrued liabilities, severely impacting the company's financial credibility and, subsequently, its stock performance.

Stock Price Impact

Following the alarming news of the restatements, Polestar's Class A American depositary share (ADS) saw a sharp decline, dropping $0.135 per ADS, which equates to a staggering 11.07% decrease. This significant loss in stock value underscores the pressing nature of the investors' concerns and the grounds for the class action lawsuit against the company.

About Pomerantz LLP

Pomerantz LLP, with a notable presence in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is recognized as a leading law firm that specializes in corporate, securities, and antitrust class litigation. The firm was founded by Abraham L. Pomerantz, a pioneering figure in the field of class action lawsuits, particularly for securities matters. Over its 85-year history, Pomerantz has successfully fought for the rights of victims of securities fraud, achieving substantial financial recoveries for class members throughout these proceedings.

As stated by the firm, attorney advertising is inherent in their communication, and previous results do not guarantee similar future outcomes. It is essential for investors to consider their options and act swiftly to safeguard their interests in light of the ongoing legal developments regarding Polestar Automotive Holding UK PLC.