Microvast Holdings, Inc. (NasdaqCM: MVST)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Microvast Holdings, Inc. (NasdaqCM: MVST).

On November 21, 2023, J Capital Research published a report entitled “MVST: Empty Facilities and a Grant Loss That Was Probably Hidden: Another China Hustle” alleging that the Company knew that a proposed $200 million U.S. Department of Energy Grant to help fund a proposed polyaramid separator production facility had been rescinded for months prior to a May 2023 Reuters report, but failed to inform investors. The report further alleged that “the majority of MVST’s sales may be fake”; that “Chinese customers account for 57% of revenue in 2023” but drone footage showed the Company’s Chinese factory “shows almost no activity”; that the Company “has disappeared from Chinese procurement lists” and “local competitors say the company is not making discernible sales,” and that the Company’s reported backlog was “dubious.”

Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information in violation of federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss in part, allowing the case to move forward.

KSF’s investigation is focusing on whether Microvast’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of Microvast shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.