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BLNK.US
id: 1194

Blink Charging (BLNK) $3M Investor Settlement

$3,750,000
Cash Settlement
S.D. Florida
Court
1:20-cv-23527
Case number
03/06/2020
Class period Start
08/19/2020
Class period End
12/04/2024
Claim deadline

Blink reached an agreement with $BLNK investors for $3M to settle claims over misleading about the stations condition, partnerships, and network growth.

Case Details:

In August 2020, Culper publlished a report, which featured images of severely damaged or non-functional Blink chargers, along with interviews with locals describing their issues with the chargers.

On August 19, 2020, Mariner Research Group also criticized Blink for its slow revenue growth compared to the EV industry.

  • They highlighted CEO's compensation of over $7M during this period, attributing the slow growth to product quality and customer churn.

Following the news, $BLNK plummeted by 22.4% on August 20, 2020.

Based on all these events, Blink was accused of the following points:

  • Blink's charging stations suffer from damage, neglect, and non-functionality.

  • Partnerships and expansions with other companies were exaggerated and growth of Blink's network was overstated.

Blink reached an agreement with $BLNK investors for $3M to settle claims over misleading about the stations condition, partnerships, and network growth.

Case Type
US Securities Class Action
Case Status
Distribution Started
Alleged Offence
Mismanagement, 
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.17
Filing date
08/24/2020
Plaintiffs
Tianyou Wu
Attorneys
Buckner + Miles, Hagens Berman Sobol Shapiro LLP, Labaton Sucharow LLP, Pomerantz LLP, Shepherd, Finkelman, Miller & Shah, LLC
Defendants
Michael D. Farkas, Michael P. Rama
Judge
Kathleen M. Williams
Administrator
Strategic Claims Services
Attorney fee
$1,252,500
Trades matching type
FIFO

Frequently Asked Questions

Who is eligible for this settlement?

All Persons and entities that purchased or otherwise acquired Blink securities between March 6, 2020 and August 19, 2020, inclusive, and were damaged thereby.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11thestate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

  1. Prepare documents for your payout

  2. Audit the claim and make sure you get the maximum possible payout

  3. File a claim with the settlement administration

  4. Correspond with the settlement administration to resolve emerging issues

  5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.