Polestar Automotive ($PSNY) Investor Settlement
Polestar Automotive has reached a tentative settlement to resolve investor claims that it understated financial liabilities and concealed internal control weaknesses.
Outline:
Polestar consistently assured investors that its financial reporting was accurate and that it had effective internal controls in place. Investors say the company had in fact underreported accrued liabilities and assets and had weaknesses in its internal controls. On January 16, 2025, Polestar disclosed it would restate its 2022 and 2023 financials due to accounting errors, and $PSNY fell 11%. The case has now moved to a tentative settlement.
Timeline:
June 23, 2022: Polestar completed its SPAC merger and began trading as $PSNY.
June 29, 2022: Polestar disclosed material weaknesses in its internal controls.
August 14, 2024: Polestar admitted misstatements in its 2021–2022 financials.
January 16, 2025: Polestar announced a restatement over underreported tooling assets/liabilities and cut guidance; $PSNY fell 11%.
Background:
Polestar Automotive, an electric vehicle maker trading under $PSNY, repeatedly told investors that its financial reporting was accurate and that it maintained effective internal controls, emphasizing a strong financial position and compliance with accounting standards.
Investors say that wasn't the case. According to the dispute, Polestar had underreported accrued liabilities and assets in its financial statements and had weaknesses in its internal controls that contradicted its public assurances.
On January 16, 2025, Polestar disclosed the accounting errors and said it would restate its 2022 and 2023 financials, as well as multiple quarterly reports — an admission that its financials had been misstated for years.
Following the disclosure, $PSNY dropped 11%, reflecting investor concern over the company's transparency and financial stability. The case has now moved to a tentative settlement.
What Can Investors Expect Now?
Polestar Automotive has reached a tentative settlement to resolve investor claims that it understated financial liabilities and concealed internal control weaknesses.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.
Frequently Asked Questions
All persons or entities who purchased the publicly traded securities of Polestar between June 24, 2022 and January 16, 2025, both dates inclusive
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.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.
More than 100 companies are currently paying out settlements. Connect your brokerage account to automatically check which ones you may have missed — or file manually for this case.
11th.com is an investor recovery company that helps investors 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.