A securities class action has been filed in the USDC — N.J. against Quantum Computing Inc. (QUBT) (“QCI” or the “Company”), on behalf of all persons or entities who purchased or otherwise acquired QCI securities between March 30, 2020, and January 15, 2025, both dates inclusive (the “Class Period”).
QCI is an American company that purportedly utilizes non-linear quantum optics to deliver quantum products for high-performance computing applications. The Company has a history of reinventing its business to align with shifting popular trends in the technology industry. Since its founding in 2018, QCI has shifted its focus from quantum-computer-ready software services to commercializing quantum photonic technology and related devices, to integrating this technology and devices with artificial intelligence (“AI”) applications, to producing thin film lithium niobate (“TFLN”) quantum computing chips.
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Defendants overstated the capabilities of QCI’s quantum computing technologies, products, and/or services;
(2) Defendants overstated the scope and nature of QCI’s relationship with NASA, as well as the scope and nature of QCI’s NASA-related contracts and/or subcontracts;
(3) Defendants overstated QCI’s progress in developing a TFLN foundry, the scale of the purported TFLN foundry, and orders for the Company’s TFLN chips;
(4) QCI’s business dealings with Quad M and millionways both qualified as related party transactions;
(5) accordingly, QCI’s revenues relied, at least in part, on undisclosed related party transactions;
(6) all the foregoing, once revealed, was likely to have a significant negative impact on QCI’s business and reputation; and
(7) as a result, Defendants’ public statements were materially false and misleading at all relevant times, thereby harming investors.
As a result of Capybara Research (“Capybara”) report on QCI, QCI’s stock price fell $1.72 per share, or 14.89%, over the following two trading sessions, to close at $9.83 per share on January 17, 2025.
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