Law Firm Pomerantz Announces Class Action Filing Against IonQ, Inc. and Certain Former Executives

NEW YORK, June 22, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against IonQ, Inc. (“IonQ” or the “Company”) (NYSE: IONQ) and certain of its former officers. The class action, filed in United States District Court of the District of Marylandand registered under 22-cv-01536, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired IonQ securities between March 30, 2021 and May 2, 2022, inclusive (the “Class Period”). Plaintiff is pursuing claims against defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased or otherwise acquired IonQ securities during the Class Period, you have until August 1, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.

[Click here for information about joining the class action]

IonQ claims to “develop quantum computers designed to solve the world’s most complex problems”.

On or about September 30, 2021IonQ became a public entity through a business combination with dMY Technology Group, Inc. III, a special purpose acquisition company.

The Complaint alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors: (1) that IonQ had not yet developed a 32-qubit quantum computer; (2) that the Company’s 11-qubit quantum computer suffered from high error rates, rendering it useless; (3) that IonQ’s quantum computer is not reliable enough, so it is not accessible although it is available through major cloud providers; (4) that a significant portion of IonQ’s revenue was derived from improper back and forth transactions with related parties; and (5) that as a result of the foregoing, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis.

On May 3, 2022, Scorpion Capital released a research report alleging, among other things, that IonQ is a “scam based on misrepresentations about nearly every key aspect of technology and business.” He further claimed that the company reported “[f]fictitious “income” through fictitious transactions and round trips with related parties.”

At this news, the Company’s stock fell $0.71i.e. 9.03%, to close at $7.15 per share on May 3, 2022on an unusually high volume of transactions.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

SOURCE Pomerantz LLP