Arqit Quantum, Inc.

Glick v. Arqit Quantum, Inc. et al., (Case No. 1:22-cv-02604), E.D.N.Y.

On April 18, 2022, the Wall Street Journal published an article entitled “British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say,” raising questions about Arqit Quantum’s solution to next generation cybersecurity threats.

Arqit Quantum Founder and Chief Executive, David Williams, told investors that the company had an “impressive backlog” or revenue and was ready “for hyperscale growth” when the company went public via deSPAC transaction in the fall of 2021.  

The article states that “Arqit has given investors an overly optimistic view of its future revenue and the readiness and workability of its signature encryption system, according to former employees and other people familiar with the company, and documents viewed by The Wall Street Journal.”

On this news, shares of Arqit Quantum stock fell more than 17% in intraday trading on April 18, 2022.

Lead Plaintiff deadline
July 5, 2022
class period
September 7, 2021
April 18, 2022
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