NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Arqit Quantum, Inc. f/k/a Centricus Acquisition Corp. (“Arqit” or the “Company”) (NASDAQ: ARQQ). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Arqit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 12, 2021, Arqit Limited and Centricus Acquisition Corp. (“Centricus”) issued a press release announcing that they had “entered into a definitive agreement that would result in Arqit becoming a publicly listed company” and that “[u]pon closing of the transaction, a newly formed Cayman holding company, Arqit Quantum Inc., will merge with Centricus, acquire Arqit [Limited] and register its shares for listing on the Nasdaq Stock Market.” A complaint has been filed alleging that the F-4 Registration Statement and Prospectus for the September 1, 2021 offering of Arqit securities (the “Registration Statement”) in connection with the merger between Arqit Limited and Centricus contained untrue statements of materially fact and omissions of material fact. The statements specifically misrepresented and failed to disclose that: (1) Arqit’s proposed encryption technology would require widespread adoption of new protocols and standards for telecommunications which had not yet been adopted; (2) British cybersecurity officials questioned the viability of Arqit’s proposed encryption technology in a meeting in 2020; (3) the British government was not an Arqit customer but, rather, providing grants to Arqit; (4) Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger; (5) no commercial customer was using Arqit’s encryption system with live data; (6) the bulk of the Company’s committed revenue wasn’t from selling its products; and (7) several clients the Company listed—including a number of British government agencies—were simply giving Arqit research grants, nonbinding memorandums of understanding or research agreements that come with no funding, not contracts for its encryption product.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
