Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
PSNY.US
id: 1484
Polestar (PSNY) Financial Misrepresentation Case
D. New Jersey
Court2:25-cv-00840
Case number11/14/2022
Class period Start01/16/2025
Class period End04/01/2025
Lead Plaintiff motion deadline- $PSNY investors filed a lawsuit against Polestar Automotive, alleging the company misled shareholders by understating its financial liabilities and internal control weaknesses.
- On January 16, 2025, Polestar disclosed that it had to restate past financial statements due to accounting errors, causing $PSNY to drop 11%.
Case Details:
Between November 14, 2022, and January 16, 2025, Polestar assured investors that its financial reporting was accurate and that it had effective internal controls in place. The company consistently emphasized its strong financial position and compliance with accounting standards.
However, on January 16, 2025, Polestar revealed that it had discovered significant accounting errors related to underreported accrued liabilities and assets in its past financial statements. The company admitted that it would have to restate its 2022 and 2023 financials, as well as multiple quarterly reports. Polestar also acknowledged weaknesses in its internal controls, contradicting prior statements about its financial accuracy.
These revelations shocked investors, as they indicated that Polestar’s financials had been misstated for years. Following the announcement, $PSNY dropped 11%, reflecting concerns about the company’s transparency and financial stability.
Based on these events, $PSNY investors filed a lawsuit against Polestar, claiming the company:
- It misled investors by understating financial liabilities and failing to disclose internal control weaknesses.
- It provided inaccurate financial statements, leading to misinformed investment decisions.
Investors believe Polestar misled them by understating financial liabilities, failing to disclose internal control weaknesses, and providing inaccurate financial statements.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01/16/2025
Filing date
01/30/2025
Lead Plaintiff Deadline
04/01/2025