NEW YORK–(BUSINESS WIRE)–#Action–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Arqit Quantum, Inc. (“Arqit” or the “Company”) (NASDAQ: ARQQ, ARQQW) on behalf of Arqit stockholders. Our investigation concerns whether Arqit has violated the federal securities laws and/or engaged in other unlawful business practices.
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Arqit is a cybersecurity company that purports to be developing quantum encryption technology to secure against cyber-attacks.
The Company, headquartered in London, England, went public in September 2021 when it merged with Centricus Acquisition Corp. (NASDAQ: CENH, CENHW, CENHU), a special purpose acquisition company, or SPAC.
On April 18, 2022, an article in The Wall Street Journal entitled “British Encryption Startup Arqit Overstates Its Prospects Former Staff and Others Say” raised significant issues about the Company and its prospects. The article notes that when the Company went public last fall, the Company’s Founder and Chief Executive David Williams told investors Arqit had an “impressive backlog” of revenue and was ready “for hyperscale growth.” However, the article also states that “Arqit has given investors an overly optimistic view of its future revenue and the readiness and workability of its signature encryption system, according to former employees and other people familiar with the company, and documents viewed by The Wall Street Journal.”
Following today’s news, the price of Arqit stock dropped $2.57 per share, over 17%, to close at $12.49 per share.
If you purchased or otherwise acquired Arqit shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.