Bragar Eagel & Squire, PC Re

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NEW YORK, May 13, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been filed on behalf of shareholders of Arqit Quantum, Inc. (ARQQ, ARQQW) and Amazon.com, Inc. (AMZN). Shareholders have until the deadlines below to ask the court to serve as lead plaintiff. Additional information on each case can be found at the link provided.

Arqit Quantum, Inc. (ARQQ, ARQQW)

Course period: September 7, 2021 – April 18, 2022

Lead Applicant Deadline: July 5, 2022

Arqit is a cybersecurity company that claims to be developing quantum encryption technology to protect against cyberattacks.

The company, headquartered in London, England, went public in September 2021 when it merged with Centricus Acquisition Corp. (CENH, CENHW, CENHU), a special purpose acquisition company, or SPAC.

On April 18, 2022, an article in The Wall Street Journal headlined “British crypto startup Arqit is overstating its prospects, say ex-employees and others,” raised important questions about the company and its prospects. The article notes that when the company went public last fall, the company’s founder and chief executive, David Williams, told investors that Arqit had an “impressive backlog” of revenue and was ready “for growth.” in large scale”. However, the article also states that “Arqit has given investors an overly optimistic view of its future earnings and the availability and feasibility of its signature encryption system, according to former employees and others familiar with it. company, and documents seen by The Wall St. Journal.”

Following today’s news, Arqit’s stock price fell $2.57 per share, or more than 17%, to close at $12.49 per share.

According to the lawsuit, the defendants throughout the class action period and in the proxy statement issued in connection with the merger made false and/or misleading statements and/or failed to disclose: (1) the technology encryption proposed by Arqit would require widespread adoption of new telecommunications protocols and standards; (2) UK cybersecurity officials questioned the viability of Arqit’s proposed encryption technology at a meeting in 2020; (3) the UK government was not a client of Arqit but rather provided subsidies to Arqit; (4) Arqit had little more than an early prototype of its encryption system at the time of the Merger; and (5) as a result, defendants’ statements regarding its business, operations and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times. When the real details entered the market, the lawsuit claims investors suffered damages.

For more information on the Arqit class action, please visit: https://bespc.com/cases/ARQQ

Amazon.com, Inc. (AMZN)

Course period: February 1, 2019 – April 5, 2022

Lead Applicant Deadline: July 5, 2022

Amazon is a multinational technology company that primarily deals in e-commerce, cloud computing, digital streaming, and artificial intelligence businesses.

On the Company’s Amazon.com e-commerce platform, Amazon sells both third-party merchandise and Amazon’s private label products. As the owner and operator of the Amazon.com e-commerce platform, Amazon has access to certain non-public data of third-party sellers who use the Amazon.com platform.

On or about June 3, 2019, the United States House of Representatives Committee on the Judiciary launched a bipartisan investigation into the state of online competition. The investigation, conducted by the Antitrust, Commercial and Administrative Law Subcommittee (the “Subcommittee”), examined the business practices and market dominance of Facebook, Google, Apple and, particularly relevant , Amazon (the “Investigative Sub-Committee”).

During the subcommittee’s investigation, the subcommittee held several oversight hearings at which various executives of the aforementioned companies, including their respective CEOs, testified on topics such as the effect of market power on the press, innovation and privacy and market dominance of the companies under investigation. After each of the hearings, the members of the subcommittee put questions to the witnesses for the record.

The Complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Amazon engaged in anti-competitive behavior in its private label business practices, including giving preference to Amazon products over those of its competitors and using third-party sellers’ non-public data to compete with them; (ii) the foregoing has exposed Amazon to increased risk of regulatory oversight and/or enforcement action; (iii) Amazon’s revenue from its private label business was in part the product of impermissible and therefore unsustainable conduct; and (iv) as a result, the defendants’ public statements throughout the Class Period were materially false and/or misleading.

On March 9, 2022, media reported that the House Judiciary Committee had asked the US Department of Justice to open a criminal investigation into Amazon and some of its executives for allegedly lying to Congress about its business practices during the subcommittee’s investigation.

In response, Amazon claimed there was “no factual basis” for the House Judiciary Committee’s allegations.

Then, on April 6, 2022, the Wall Street Journal published an article titled “SEC Is Investigating How Amazon Disclosed Business Practices.” The article reported, among other things, that the SEC’s investigation had been ongoing for more than a year and focused on Amazon’s disclosures regarding its use of third-party seller data for its own private label business.

On this news, Amazon’s stock price fell $105.98 per share, or 3.2%, to close at $3,175.12 per share on April 6, 2022.

For more information about the Amazon class action, go to: https://bespc.com/cases/AMZN

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.

Contact information:

Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com

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