SAN DIEGO — A class action lawsuit has been filed against Polestar Automotive Holding UK PLC, accusing the company and some of its former top executives of federal securities law violations, according to court documents. The lawsuit represents a class of persons and entities who bought or acquired Class A American Depository Shares of Polestar (NASDAQ: PSNY) from November 14, 2022, to January 16, 2025.
Investors involved in the class action have until March 31, 2025, to apply for the position of lead plaintiff. The legal challenge centers on claims that Polestar and certain associated individuals issued misleading statements and failed to disclose crucial information that affected the company’s stock value.
Polestar, a Swedish manufacturer known for its electric vehicles, allegedly presented inaccuracies in its financial statements and did not adequately disclose shortcomings in its internal controls. This information came to light when Polestar announced on January 16, 2025, that its previous financial statements for 2022 and 2023 required restatements due to errors in reporting assets under construction and accrued liabilities.
Following the announcement, the value of Polestar’s Class A ADSs dropped by 11%. The lawsuit claims that the company underreported its assets and liabilities by mishandling the accounting of its unique tooling, which should have been recognized as assets under construction based on the progress of work.
Legal representation for the class action is provided by attorneys Brian O’Mara and Ruben Peña from DiCello Levitt, a firm with accolades like Plaintiffs Firm of the Year and Trial Innovation Firm of the Year. The firm is noted for its expertise in managing significant trials and legal disputes across various sectors, including civil rights, business, and personal injury litigation.
Those affected by the alleged misrepresentations are encouraged to come forward with their information, including the number of shares purchased. This can be done by either contacting DiCello Levitt directly through their hotline or by email. Until a class is officially certified, shareholders are advised that they are not represented by counsel unless they engage one personally.
DiCello Levitt prides itself on securing justice for its clients and upholding high standards of legal achievement, consistently earning top ratings from reputable law sources. The firm continues to lead in trial innovation, championing the rights and interests of both citizens and large corporations alike.
For further inquiries or assistance regarding the class action, contact the firm’s media representative, Amy Coker, who is based out of their San Diego office.
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