Chinese carmaker Polestar has been sued by a number of angry investors who believe the car brand has manipulated its share price. Polestar would not comment.
Polestar is now being sued in the US for price manipulation. A group of investors has filed a lawsuit against the electric car manufacturer, accusing the company of presenting false figures. This is said to have caused a sharp decline in the share price.
Polestar states that this is an accounting issue.
– We have no formal comments on this, says the official statement from the car brand.
Several law firms, including Bronstein, Gewirtz & Grossman, LLC, are behind the lawsuit. They allege that Polestar has provided misleading information about its finances and internal controls.
This is reported by Markets Insider .
The lawyers claim that Polestar fed investors incorrect numbers and concealed weaknesses in its internal controls.
Polestar later corrected the figures. According to the lawsuit, this led investors to buy shares at a higher price than they were worth. When the problems became known, Polestar's stock fell sharply on the Nasdaq stock exchange.
The investors are seeking compensation for their losses. Those who have not yet joined the lawsuit have the opportunity to do so. The deadline to apply to become part of the lawsuit is March 31, 2025.
This type of lawsuit is not unusual in the US. Polestar's PR and press communicator, Theo Kjellberg, states that they have no "formal comment on this (lawsuit, ed.)".
He refers to a previous press release from the company, which states that the "conversion" does not affect their results. It is an accounting issue.
Polestar has previously announced that it will correct its financial statements for 2022 and 2023 as well as for the interim reports for June 2023 and June 2024.
The correction is due to inaccuracies in the balance sheet, but does not affect revenue, loss or the company's operations, cash flow or liquidity. Polestar's share is currently trading at 1.08 USD.
It is important to emphasize that this is an ongoing lawsuit and the outcome is not yet known. Therefore, it is also not known whether Polestar has actually cheated.
