NEW YORK - (NewMediaWire) - September 30, 2020 - Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Blink Charging Company (“Blink” or the “Company”) (NASDAQ:BLNK) and reminds investors of the October 23, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Blink stock or options between March 6, 2020 and August 19, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/BLNK. There is no cost or obligation to you.
You can also contact Faruqi & Faruqi partner James Wilson toll free at 877-247-4292 or 212-983-9330 (Ext. 1310) or by emailing him at firstname.lastname@example.org to discuss your rights and options.
The lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all those who purchased Blink common stock between March 6, 2020 and August 19, 2020 (the “Class Period”). The case, Bush v. Blink Charging Company et al., No. 20-cv-23527 was filed on August 24, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) many of Blink’s charging stations are damaged, neglected, non-functional, inaccessible, or non-accessible; (2) Blink’s purported partnerships and expansions with other companies were overstated; (3) the purported growth of the Company’s network has been overstated; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On August 19, 2020, analyst Culper Research published a report entitled: “Blink Charging Co. (BLNK): You Won’t Miss It.” Culper wrote: “we believe that [Blink] has vastly exaggerated the size of its EV charging network in order to siphon money from the pockets of investors to insiders. Blink claims that ‘EV drivers can easily charge at any of its 15,000 charging stations,’ but we estimate that the Company’s functional public charging station network consists of just 2,192 stations, a mere 15% of this claim.”
Also, on August 19, 2020, analyst Mariner Research Group (“Mariner”) published another report that was highly critical of Blink. Mariner wrote that “BLNK’s revenue growth has significantly seriously lagged the EV industry – yet CEO Farkas made >$7M in compensation during this period. We believe that this is due to persistent issues around product quality, customer churn, and user experience, and believe that these issues will continue to hamper BLNK’s growth.”
On this news, the Company's stock price fell, over two trading sessions, from $10.23 per share on August 18, 2020 to $7.94 per share on August 20, 2020: a $2.39 or 22.39% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Blink’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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