MVST - MICROVAST ALERT: Bragar Eagel & Squire P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against Microvast Holdings Inc. and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Microvast Holdings, Inc. ("Microvast" or the "Company") (NASDAQ:MVST) in the United States District Court for the Southern District of Texas on behalf of all persons and entities who purchased or otherwise acquired Microvast securities between October 19, 2022 and November 20, 2023, both dates inclusive (the "Class Period"). Investors have until February 5, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
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 ...