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BLNK.US
id: 1194
Blink Charging (BLNK) $3M Investor Settlement
The settlement funds have been distributed to claimants.
$3,750,000
Cash SettlementS.D. Florida
Court1:20-cv-23527
Case number03/06/2020
Class period Start08/19/2020
Class period End12/04/2024
Claim deadlineBlink 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
Disbursed
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
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