GlobeNewswire Inc | Jan 7, 2021 06:10PM EST

January 07, 2021

NEW YORK, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against QuantumScape Corporation (QuantumScape or the Company) (NYSE: QS) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of QuantumScape between November 27, 2020 and December 31, 2020, inclusive (the Class Period). The lawsuit seeks to recover damages for QuantumScape investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that the Companys purported success related to its solid-state battery power, battery life, and energy density was significantly overstated and the Company is unlikely to be able to scale its technology to the multi-layer cell necessary to power electric vehicles.

On January 4, 2021, an article was published on Seeking Alpha arguing that QuantumScapes solid-state batteries are completely unacceptable for real world field electric vehicles. Specifically, the article said that the batterys power will only last for 260 cycles or about 75,000 miles of aggressive driving. As solid-state batteries are temperature sensitive, the power and cycle tests at 30 and 45 degrees above would have been significantly worse if run even a few degrees lower. On this news, the Companys stock price fell $34.49, or approximately 40.84%, to close at $49.96 per share on January 4, 2021.

Investors who purchased or otherwise acquired shares of QuantumScape during the Class Period should contact the Firm prior to the March 8, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.