San Diego, CA -- (SBWire) -- 08/08/2023 --Certain directors of Microvast Holdings, Inc. are under investigation over potential breaches of fiduciary duties by certain directors at Microvast Holdings, Inc.
Investors who purchased shares of Microvast Holdings, Inc. (NASDAQ: MVST) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Microvast Holdings, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Stafford, TX based Microvast Holdings, Inc. designs, develops, and manufactures battery systems for electric vehicles and energy storage systems in the United States, China, rest of the Asia Pacific, and Europe. Microvast Holdings, Inc. reported that its annual Total Revenue rose from $151.97 million in 2021 to $204.49 million in 2022, and that its Net Loss declined from $216 million in 2021 to $158.2 million in 2022.
On May 22, 2023, it was reported that the U.S. Department of Energy (DoE) canceled a $200M grant to lithium battery manufacturer, Microvast Holdings, Inc., citing lawmakers' concerns over the Company's alleged links to the Chinese Communist Party. Microvast Holdings, Inc. has been in talks with the DoE over the grant to help build a plant in Tennessee to support its work with General Motors developing specialized electric vehicle batteries.
Shares of Microvast Holdings, Inc. (NASDAQ: MVST) declined from $2.25 per share on May 19, 2023, to as low as $1.21 per share on June 1, 2023.
Those who purchased shares of Microvast Holdings, Inc. (NASDAQ: MVST) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniles
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:MVST Investor Alert: Investigation over Potential Wrongdoing at Microvast Holdings, Inc.
An investigation on behalf of investors in Microvast Holdings, Inc. (NASDAQ:MVST) shares over potential wrongdoing at Microvast Holdings, Inc. was announced