Overview

• Microvast Holdings, Inc. is facing a class action lawsuit due to allegations of misleading investors about the likelihood of receiving a $200 million grant from the United States Department of Energy (DOE).
• The DOE had conditionally selected Microvast for the grant in October 2022, but negotiations ceased and the grant was rescinded.
• Reports suggest that Microvast knew the grant had been rescinded for months before it was reported by Reuters, but failed to inform investors.
• Further allegations suggest 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 Microvast securities between October 19, 2022 and November 20, 2023 are being encouraged to join the class action lawsuit, with a lead plaintiff deadline of February 5, 2024.