|Company name||Blink Charging Company|
|Status||Class Action Complaint Filed|
NEW YORK, September 30, 2020 –Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of investors that purchased Blink Charging Company (NASDAQ: BLNK) common stock between March 6, 2020 and August 19, 2020 (the “Class Period”). Investors have until October 23, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 19, 2020, analyst Culper Research issued a report on Blink Charging, contending that “the Company 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 the Company’s functional public charging station network consists of just 2,192 stations, a mere 15% of this claim.” Culper continued that its “investigators confirmed what Blink’s financials already suggest: almost no one uses Blink’s charging stations, many of which are in utterly decrepit condition.”
On this news, Blink’s stock price fell from its August 18, 2020 closing price of $10.23 per share to an August 20, 2020 closing price of $7.94. This represents a two day drop of approximately 22.4%.
The complaint, filed on August 24, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed 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.
If you purchased Blink common stock during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore or by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.