Kahn Swick & Foti Continues Investigation into Microvast Executives and Directors
Law firm Kahn Swick & Foti (KSF) has continued its investigation into the officers and directors of Microvast Holdings, Inc. (NasdaqCM: MVST).
The law firm Kahn Swick & Foti (KSF) has continued its investigation into the officers and directors of Microvast Holdings, Inc. (NasdaqCM: MVST). The inquiry follows a November 2023 report by J Capital Research that alleged significant discrepancies in the company's business operations and financial disclosures.
The report claimed, among other things, that Microvast knew a proposed $200 million grant had been rescinded for months prior to public disclosure and that the majority of its sales might be fake. It also questioned the activity at Microvast's facilities in China and suggested the company's reported backlog was dubious.
Subsequently, a securities class action lawsuit was filed against the company and certain executives, alleging violations of federal securities laws. A court has allowed parts of this lawsuit to proceed, prompting KSF's broader investigation.
KSF is examining whether Microvast's officers and/or directors breached their fiduciary duties to shareholders or otherwise violated state or federal laws. The firm is seeking information from the public that could aid its investigation.