Polestar 2 electric car in Baltimore, MD. Photo: Diego M. Radzinschi/ALMSecurities Action Targeting Polestar Alleges Mistakes in SEC Filings
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January 31, 2025 at 03:10 PM
3 minute read
Polestar Automotive, a United Kingdom-based electric vehicle manufacturer, was hit with a securities class action over alleged under-reporting of accrued liabilities in reports to the U.S. Securities and Exchange Commission. The case centers on Polestar’s Jan. 16 announcement of accounting errors in 2022 and 2023 that necessitated refiling documents with the SEC and a subsequent 11% drop in the company’s stock price.
Takeaway: Polestar is not the only electronic vehicle manufacturer facing a securities class action. Rivian Automotive, a California-cased electronic vehicle manufacturer, was hit with a securities class action last May over missed earnings and vehicle production targets.
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