Volta Gets Investors’ Lawsuit Over Accounting Mostly Dismissed

Volta Inc. investors failed to plausibly allege that dozens of statements by the electric charging company and its executives constituted securities fraud or misstatements in offering documents, a federal court ruled.

The shareholders’ allegations of falsity and intent mostly fell short, Judge Jon S. Tigar said Jan. 26 for the US District Court for the Northern District of California.

• The investors alleged that Volta misrepresented its business, including advertising revenue, payments to property owners, and stock compensation, in statements both before and after its merger with a special purpose acquisition company
• They’ll have a chance to replead their proposed class ...