San Diego, CA -- (SBWIRE) -- 01/19/2024 -- An investor, who purchased shares of Microvast Holdings, Inc. (NASDAQ: MVST), filed a lawsuit over alleged violations of Federal Securities Laws by Microvast Holdings, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Microvast Holdings, Inc. (NASDAQ: MVST) have certain options and for certain investors are short and strict deadlines running. Deadline: February 05, 2024. NASDAQ: MVST investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Stafford, TX based Microvast Holdings, Inc. designs, develops, and manufactures battery systems for electric vehicles and energy storage systems in the United States, China, rest of the Asia Pacific, and Europe.

On May 22, 2023, it was reported that the U.S. Department of Energy (DoE) canceled a $200M grant to lithium battery manufacturer, Microvast Holdings, Inc., citing lawmakers' concerns over the Company's alleged links to the Chinese Communist Party. Microvast Holdings, Inc. has been in talks with the DoE over the grant to help build a plant in Tennessee to support its work with General Motors developing specialized electric vehicle batteries.
Then, on November 21, 2023, at approximately 9:00 a.m., J Capital Research published a report on Microvast entitled "MVST: Empty Facilities and a Grant Loss That Was Probably Hidden: Another China Hustle" (the "Report"). The Report alleged the Company knew the Grant had been rescinded for months prior to Reuters reporting but failed to inform investors. The Report alleged further that "the majority of MVST's sales may be fake," that "Chinese customers account for 57% of revenue in 2023" but drone footage shows the Company's Chinese factory "shows almost no activity," that the Company "has disappeared from Chinese procurement lists" and "local competitors say the company is not making discernible sales" and that the Company's reported backlog was "dubious."

Shares of Microvast Holdings, Inc. (NASDAQ: MVST) declined from $2.25 per share on May 19, 2023, to as low as $0.84 per share on November 22, 2023.

The plaintiff claims that between October 19, 2022 and November 20, 2023, the Defendants failed to disclose to investors: (1) that there was a reasonable likelihood that Microvast would not be awarded the Grant after due diligence was performed; (2) that negotiations had ceased and the Grant rescinded; (3) that the Company misrepresented the nature and profitability of its businesses and partnerships; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Microvast Holdings, Inc. (NASDAQ: MVST) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.