QuantumScape Securities Litigation Settles for $47.5 Million

If you purchased or otherwise acquired QuantumScape securities between November 27, 2020, and April 14, 2021, you may be eligible to claim a portion of a $47,500,000 class action settlement. QuantumScape Corporation has agreed to pay this amount to settle a class action lawsuit for allegedly making false and misleading statements about their battery technology.

QuantumScape, a company known for its work in developing advanced battery technology, has agreed to pay $47,500,000 to settle a class action lawsuit. The lawsuit alleges that the company made false and misleading statements about its battery technology, which violated federal securities laws.

Who can file a claim?

To file a claim, you must be a member of the class, which includes:

• Individuals or entities that purchased or otherwise acquired QuantumScape common stock or warrants during the Class Period.
• Those who transacted in publicly traded call options and/or put options of QuantumScape during the Class Period.

The Class Period is defined as the time between November 27, 2020, and April 14, 2021. If you fall into any of these categories, you are considered a class member.

How much can class members get?

The amount you can claim depends on several factors, including the type of QuantumScape security you purchased and when you sold it. The estimated average recovery per eligible share is $0.47, before deductions for fees and expenses.

• Common Stock: The recognized loss amount is calculated based on the difference between the purchase price and the sale price, adjusted for any artificial inflation.
• Warrants: Similar calculations apply, with adjustments for warrant-specific factors.
• Options: The recognized loss amount is calculated based on the intrinsic value of the options at the time of sale or expiration.

The Net Settlement Fund will be distributed on a pro-rata basis, meaning your share will depend on the total number of valid claims submitted.

Is proof required to submit a claim?

Yes, claimants need to provide proof of their transactions in QuantumScape securities. This includes:

• Brokerage confirmation slips
• Monthly brokerage account statements
• Authorized statements from brokers

How to claim an award

To claim an award, you need to submit a completed and signed claim form by December 13, 2024. You can file a claim online or mail your claim to:

QuantumScape Securities Settlement

c/o A.B. Data, Ltd.

P.O. Box 173131

Milwaukee, WI 53217

$47,500,000 Settlement Fund

The settlement fund of $47,500,000 will cover various costs:

• Attorneys’ fees: Up to 33% of the Settlement Fund
• Litigation expenses: Not to exceed $2,200,000
• Awards to Plaintiffs: Not to exceed $40,000

Important dates

• Fairness Hearing: November 13, 2024
• Deadline to File a Claim: December 13, 2024

When is the QuantumScape payout date?

Payments will be made after the Fairness Hearing on November 13, 2024 and once all claims have been processed.

Why is there a class action settlement?

The lawsuit alleged that QuantumScape made false and misleading statements about their battery technology, violating federal securities laws. The settlement avoids the risks and costs of further litigation.

What happens next?

After the Fairness Hearing on November 13, 2024, and once all claims are processed, payments will be distributed to eligible claimants.