MVST - MICROVAST ALERT: Bragar Eagel & Squire P.C. is Investigating Microvast Holdings Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Microvast Holdings, Inc. (NASDAQ:MVST) on behalf of long-term stockholders following a class action complaint that was filed against Microvast on December 5, 2023 with a Class Period from October 19, 2022 to November 20, 2023. Our investigation concerns whether the board of directors of Microvast have breached their fiduciary duties to the company.
In October 2022, the United States Department of Energy ("DOE") conditionally selected Microvast for a proposed $200 million grant to help fund a proposed polyaramid separator production facility (the "Grant"). Polyaramid is a high-temperature resistant synthetic polymer, and a polyaramid separator is an insulating film used in high-capacity lithium-ion batteries.
On May 22, 2023, after the market closed, Reuters reported the DOE would not award Microvast the Grant. In a call with congressional staff that evening, the DOE confirmed negotiations with Microvast concerning the Grant had been cancelled. A spokesperson for the DOE stated "[t]he department can confirm that it has elected to cancel negotiations and not to award Microvast funds from this competitive funding opportunity." The DOE stated it would not comment publicly on why it decided to cancel negotiations with any applicant but did state "the ...