INVESTOR ALERT: Shareholder Class Action Lawsuit Filed Against Polestar Automotive Holding UK PLC (NASDAQ: PSNY); DiCello Levitt LLP Encourages Investors with Losses to Discuss Their Options with Counsel

/EIN News/ -- SAN DIEGO, Feb. 14, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities who purchased or otherwise acquired Polestar Automotive Holding UK PLC (NASDAQ: PSNY) (“Polestar” or the “Company”)’s Class A American Depository Shares (“ADS”) between November 14, 2022 and January 16, 2025 (the “Class Period”), charging the Company and certain former senior executives with violations of the federal securities laws (collectively, “Defendants”).  

Polestar investors have until March 31, 2025 to seek appointment as lead plaintiff of the Polestar class action lawsuit.

If you purchased or acquired Polestar’s Class A ADSs between November 14, 2022 and January 16, 2025, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/polestar/.

You can also contact DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.

Case Allegations

Polestar is a Swedish automotive manufacturer that produces electric vehicles.

The Polestar lawsuit alleges that Defendants issued materially false and/or misleading statements about the Company’s business, operations, and prospects during the Class Period. Specifically, Defendants failed to disclose the following adverse facts that: (i) Polestar’s financial statements were materially misstated; and (ii) Polestar understated its internal control weaknesses.

The truth emerged on January 16, 2025, when Polestar announced that “the Company’s previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023” contained errors warranting restatement of such financial information. The Company further stated that “[t]he primary reason for this restatement decision relates to balance sheet errors concerning the Company’s unique tooling . . ., which have resulted in an underreporting of assets and accrued liabilities in matching amounts for the[se] periods.”

Polestar’s announcement continued to disclose that “[m]anagement has determined that certain unique tooling should have instead been recognized as assets under construction (‘AUC’) according to the progression of work, resulting in a material understatement of AUC and a corresponding understatement of accrued liabilities in the Affected Financials.” The announcement further stated that “[a]s a result of the above noted accounting errors, the Audit Committee, based on the recommendation of, and after consultation with, the Company’s management, have further concluded that the Affected Financials should no longer be relied upon.”

On this news, the price of Polestar’s Class A ADSs fell by 11% on January 16, 2025.

About DiCello Levitt

At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.

DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Media Contact

Amy Coker
4747 Executive Drive, Suite 240
San Diego, CA 92121
619-963-2426
investors@dicellolevitt.com