SAN FRANCISCO, Aug. 25, 2020 /PRNewswire/ — Hagens Berman urges Blink Charging Co. (NASDAQ: BLNK) investors to contact the firm now. A securities fraud class action has been filed and certain investors may have valuable claims.
Blink Charging (BLNK) Securities Class Action:
The complaint alleges that Blink and senior management misrepresented and concealed that: (1) many of Blink’s EV charging stations are damaged, neglected, non-functional, inaccessible, or non-accessible; (2) Blink’s purported partnerships and expansions with other companies were overstated; and, (3) the purported growth of Blink’s network was overstated.
Investors began to learn the truth, according to the complaint, on Aug. 19, 2020 when Culper Research accused Blink of vastly exaggerating the size of its EV charging network “in order to siphon money from the pockets of investors to insiders.” Culper‘s report estimates that just 15% of Blink’s claimed 15,000 charging stations are functional, observes that, since 2014, the company’s compensation expense of $44 million is more than double its $18 million in cumulative revenues, and notes “[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 traded sharply lower.
“We’re focused on investor losses and proving Blink misrepresented the number of its functioning EV charging stations while insiders enriched 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 BLNK@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP