SAN FRANCISCO, Aug. 20, 2020 /PRNewswire/ — Hagens Berman urges Blink Charging Co. (NASDAQ: BLNK) investors to contact the firm now. The firm is investigating possible securities fraud and certain investors may have valuable claims.
Blink Charging (BLNK) Investigation:
The investigation centers on whether Blink has misrepresented its financial condition, business operations, and future prospects.
More specifically, on Aug. 19, 2020, Culper Research published a scathing report accusing the company of vastly exaggerating the size of its EV charging network “in order to siphon money from the pockets of investors to insiders.” According to the report, Blink claims EV drivers can easily charge their vehicles at any of its 15,000 charging stations but Culper estimates that only 2,192, or 15%, of the company’s charging stations are functional. The report also observes that since 2014, the company’s compensation expense of $44 million is more than double its $18 million in cumulative revenues. In addition, Culper reports “[o]ur on-the-ground visits to 242 stations at 88 locations across the U.S. revealed a plethora of neglected, abused, non-functional, or otherwise missing chargers.”
The same day, another scathing report was published by Mariner Research Group. Among other things, Mariner questions whether Blink’s CEO had ties to alleged pump and dumpers and penny stock dealers, and concludes, in part, “[w]e believe that the management team and underlying asset base are a significant cause for concern.”
In response to these reports, Blink shares have traded sharply lower.
“We’re focused on investor losses, the extent to which Blink may have misrepresented the number of its functioning EV charging stations, and whether insiders schemed to enrich themselves at investors’ expense,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Blink investor, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Blink should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:BLNK@hbsslaw.com.
About Hagens Berman
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SOURCE Hagens Berman Sobol Shapiro LLP