IONQ ALERT: Hagens Berman, National Trial Attorneys, Investigating IonQ, Inc. (IONQ) for Possible Securities Law Violations, Encourages IONQ Investors With Significant Losses to Contact Firm’s Attorneys
SAN FRANCISCO, CA (ClassActionDaily) Hagens Berman urges IonQ, Inc. (NYSE: IONQ) investors who suffered significant losses to submit their losses now. The firm is investigating possible securities law violations.
- Visit: www.hbsslaw.com/investor-fraud/IONQ
- Contact An Attorney Now: IONQ@hbsslaw.com
- Phone: +1 844-916-0895
IonQ, Inc. (NYSE: IONQ) Investigation:
The investigation focuses on IonQ’s statements about its 32-qubit machine, which the company claims is “the world’s most powerful quantum computer.” IonQ’s representations allowed the company to go public through a SPAC merger in late September 2021.
But on May 3, 2022, the claims came into question after activist short-seller Scorpion Capital published a 183-page scathing report alleging the company’s claims that a 32-qubit machine is a “brazen hoax.” The firm points out that past employees stated in interviews the technology “doesn’t exist,” that “it was made up,” and that the company is “trying to cover up that it is not there.”
Scorpion determined that IonQ’s only actual machine is an old 11-qubit toy computer for demonstration purposes that ex-employees, leading quantum experts, and key partners “all described as primitive, useless, doomed by fatal error rates inherent to the technology, unreliable with a low uptime, and so slow that a useful calculation could take three years.”
In addition, Scorpion accused IonQ of recording fictitious revenue via sham transactions and related-party round-tripping, creating the illusion of commercial momentum.
In response, the price of IonQ shares sharply fell.
“We’re focused on investors’ losses and whether IonQ misrepresented the existence of- and commercial prospects for its 32-qubit computer,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in IonQ and have significant losses or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding IonQ should consider their options to help investigate 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 IONQ@hbsslaw.com.