Lead Plaintiff Deadline is March 31, 2025

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NEW YORK, Feb. 14, 2025 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey against Polestar Automotive Holding UK PLC ("Polestar" or the "Company") (NASDAQ: PSNY) on behalf of those who purchased or otherwise acquired Polestar American Depositary Receipts ("ADR's") between November 14, 2022 and January, 16, 2025, inclusive (the "Class Period").

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All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

The filed complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that:

• Polestar's financial statements during the Class Period were materially misstated.
• Polestar understated its internal control weaknesses; and
• As a result, defendants' statements about Polestar's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the
  
  true details entered the market, the lawsuit claimed that investors suffered damages.

On January 16, 2025, before the market opened, Polestar filed a current report on Form 6-K with the U.S. Securities and Exchange Commission. In this current report, Polestar announced that it had been concluded that "the Company's previously issued audited financial statements included within Annual Reports on Form 20-F for the years ended December 31, 2022 and December 31, 2023 (the

"Audited Affected Financials") and the unaudited interim financial information included within Current Reports on Form 6-K for the quarterly periods ending on and falling between September 30, 2022 and June 30, 2024 (the "Unaudited Affected Financials" and together with the Audited Affected Financials, the "Affected Financials") contain errors that warrant restatement of the Audited Affected Financials and the interim financial information for the six-month periods ended June 30, 2023, and June 30, 2024."

On this news, Polestar Class A ADR's fell 11% in intraday on January 16, 2025.

If you have incurred losses, you may, no later than March 31, 2025, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. 

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP