NEW YORK–(BUSINESS WIRE)–The law firm of Kirby McInerney LLP is investigating potential claims against Arqit Quantum, Inc. (“Arqit” or the “Company”) (NASDAQ: ARQQ, ARQQW). The investigation concerns whether Arqit has violated the federal securities laws and/or engaged in other unlawful business practices.
Arqit is a U.K. cybersecurity company that purports to have pioneered a unique quantum encryption technology which makes the communications links of any networked device secure against current and future forms of cyber attack, even an attack from a quantum computer.
Arqit went public in the U.S. on September 3, 2021, by merging with a special purpose acquisition company (“SPAC”). At the time, the Company projected it would rapidly become highly profitable, projecting $660 million in revenue in 2025. Shortly after the Company went public, the price of Arqit shares reached a high of $41.52 per share.
On April 18, 2022, before the market opened, the Wall Street Journal published an article entitled, “British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say.” The article reported that Arqit gave investors an overly optimistic view of its committed and future revenue and the readiness and workability of its encryption system. According to the article, “[P]eople familiar with the matter said that the bulk of the company’s committed revenue isn’t from selling its product and that at its public launch, the company had little more than an early-stage prototype of its encryption system.” On this news, the price of Arqit shares declined by $2.57 per share, or approximately 17.1%, from $15.06 per share to close at $12.49 per share on April 18, 2022.
If you purchased or otherwise acquired Arqit securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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