According to the Complaint, Volta Inc. partners with real estate and retail businesses to locate and deploy its electric vehicle charging stations. The Company generates revenue from advertising on its content-driven charging stations, installing and maintaining the charging stations, and delivering electricity at the charging stations.

On August 26, 2021, Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination pursuant to which the combined entity was named Volta Inc. (the “Business Combination”).

The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Volta had improperly accounted for restricted stock units issued in connection with the Business Combination; (2) that, as a result, the Company had understated its net loss for third quarter 2021; (3) that there were material weaknesses in the Company’s internal control over financial reporting that resulted in a material error; (4) that, as a result of the foregoing, the Company would restate its financial statements; (5) that, as a result of the foregoing, Legacy Volta’s founders would imminently exit the Company; (6) that, as a result, the Company’s financial results would be adversely impacted; and (7) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On November 25, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 22-CV-02055.

Lead Plaintiff filed a consolidated amended Complaint on January 27, 2023. Defendants filed a Motion to Dismiss the consolidated amended Complaint on April 4. On January 26, 2024, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On February 26, 2024, Lead Plaintiff filed a second consolidated amended Complaint. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on April 10. On October 21, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.

Lead Plaintiff filed a notice appealing the District Court's Dismissal Order on November 19, 2024.