LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of NWTN Inc. (“NWTN” or the “Company”) (NASDAQ: NWTN) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On May 1, 2024, NWTN disclosed that it would be unable to timely file its full year 2024 financial report and also disclosed that in September 2022, it had entered into an investor agreement which the Company was “evaluating the accounting treatment” of, which may impact the amount of “other expenses” “arising from the agreement” for the years ended 2023 and 2022.
Then, on May 24, 2024, NWTN announced that it had received a letter stating that the Company is not in compliance with the Nasdaq listing rules because it has not yet filed its Annual Report. If the Company fails to timely regain compliance with the listing rules, it will be subject to delisting.
On this news, NWTN’s stock price fell $0.58, or 14.4%, to close at $3.44 per share on May 28, 2024, thereby injuring investors.
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If you purchased NWTN securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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