Overview

• Microvast Holdings, Inc. is facing a securities class action lawsuit for allegedly misleading investors about a $200 million grant from the United States Department of Energy (DOE) that was ultimately not awarded to the company.
• The lawsuit alleges that Microvast knew the grant had been rescinded but failed to inform investors, leading to significant losses.
• The lawsuit also claims that the majority of Microvast's sales may be fake, with drone footage showing almost no activity at the company's Chinese factory.
• Investors who purchased or acquired Microvast securities between October 19, 2022 and November 20, 2023 are eligible to join the class action lawsuit.
• The deadline to file a lead plaintiff motion in the lawsuit is February 5, 2024.