Microvast Allegedly Misled Investors on $200 Million US Grant

Microvast Holdings Inc. and two top executives allegedly misled investors about the company’s sales and the likelihood that it would receive a $200 million grant from the Energy Department, a shareholder class action complaint says.

The lithium-ion battery maker made the alleged misrepresentations for more than a year, touting the company’s strong chances of securing the grant to fund a proposed production facility and the profitability of its business, according to the complaint filed Tuesday in US District Court for the Southern District of Texas.

Microvast, CEO Yang Wu, and CFO Craig Webster filed a press release announcing the ...