SAN DIEGO, May 10, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that purchasers of Arqit Quantum Inc. f/k/a Centricus Acquisition Corp. (NASDAQ: ARQQ) (NASDAQ: ARQQW) between September 7, 2021 and April 18, 2022inclusive (the “Class Period”) and/or all holders of Centricus Securities on the record date of the special meeting of shareholders held on August 31, 2021 to consider approving the merger between Arqit and Centricus (the “Merger”) and entitled to vote on the Merger have until July 5, 2022 to seek appointment as lead applicant in Glick c. Arqit Quantum Inc. f/k/a Centricus Acquisition Corp., no. 22-cv-02604 (EDNY). Started on May 6, 2022the Arqit The class action accuses Arqit and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to act as the lead plaintiff of the Arqit class action, please provide your information by clicking here. You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Arqit class action must be filed with the court no later than July 5, 2022.
CASE ALLEGATIONS: Arqit is a cybersecurity company that supposedly pioneered a unique quantum encryption technology. Arqit claimed that its quantum encryption technology would be secure against current and future forms of cyber attacks, including from a quantum computer. Centricus was a special purpose acquisition company (“SPAC” or blank check company) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or a similar business combination with one or more companies. Prior to the merger, Centricus shares traded on NASDAQ under the symbol CENHU.
the Arqit The class action alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) the encryption technology proposed by Arqit would require the widespread adoption of new telecommunications protocols and standards; (ii) UK cybersecurity officials questioned the viability of Arqit’s proposed encryption technology at a meeting in 2020; (iii) the UK government was not a client of Arqit but rather provided subsidies to Arqit; (iv) Arqit had little more than an early prototype of its encryption system at the time of the Merger; and (v) 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.
On April 18, 2022, The Wall Street Journal published an article titled: “British crypto startup Arqit is overstating its prospects, say ex-employees and others”. The Wall Street Journal revealed, among other things, that “Arqit’s flagship product was an early-stage prototype unable to encrypt anything in practice”, Arqit’s encryption technology “may never apply beyond niche uses, many inside and outside the company have warned, unless there is a major overhaul of internet protocols,” “UK cybersecurity officials have put questioned the viability of Arqit’s proposed approach to encryption technology,”[t]The United States National Security Agency and the [National Counterintelligence and Security Center] have published separate reviews in recent years warning against the use of satellite encryption systems such as those offered by Arqit”, “[t]the encryption system. . . depends on the widespread adoption of new protocols and standards for telecommunications, cloud computing and Internet services that are not currently widely supported”, and that “[t]People familiar with the matter said that most [Arqit’s] the income incurred does not come from the sale of its product and that during its public launch, [Arqit] had little more than an early-stage prototype of its encryption system. At this news, Arqit’s share price fell more than 17%, hurting investors.
Robbins Geller launched a dedicated SPAC working group to protect investors in blank check companies and seek redress for corporate wrongdoing. Comprised of experienced litigators, investigators and forensic accountants, the SPAC Task Force is dedicated to researching and prosecuting fraud on behalf of aggrieved SPAC investors. The rise of blank check funding presents unique risks for investors. Robbins Geller’s SPAC Task Force represents the forefront of ensuring integrity, honesty and fairness in this rapidly developing area of investment.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Arqit securities during the Class Period and/or all holders of Centricus securities on the record date of the special meeting of shareholders held on August 31, 2021 to consider the approval of the Merger and entitled to vote on the Merger to seek appointment as lead plaintiff in the Arqit class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Arqit class action. The main plaintiff can select a law firm of his choice to plead Arqit class action. An investor’s ability to participate in any potential future rally in the Arqit the class action does not depend on the status of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recoveries ever – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit http://www.rgrdlaw.com for more information.
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