MVST - Shareholder Alert: Robbins LLP Informs Shareholders of Class Action Filed Against Microvast Holdings Inc. (MVST) | Benzinga

SAN DIEGO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Microvast Holdings, Inc. (NASDAQ:MVST) securities between October 19, 2022 and November 20, 2023. Microvast is a lithium-ion battery technology company, which designs, develops, and manufactures battery components and systems, primarily for electric commercial vehicles and utility-scale energy storage systems.

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What is this Case About: Microvast Holdings Inc. (MVST) Misled Investors Regarding its Business Prospects

According to the complaint, 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, Reuters reported the DOE would not award Microvast the Grant. In a call with congressional staff that evening, a spokesperson for the DOE stated "[t]he department can confirm that it has elected to cancel negotiations and not ...

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