It is alleged in the complaint that QuantumScape made misleading and/or false statements and/or failed to disclose that QuantumScape’s purported success in relation to its solid-state battery power, battery life, and energy density was overstated significantly and it is unlikely that QuantumScape would be able to scale its technology to the multi-layer cell necessary to power electric vehicles.
An article was published on January 4, 2021 on Seeking Alpha which argued that QuantumScape’s solid-state batteries are “completely unacceptable for real world field electric vehicles.” Specifically, the article stated that the battery’s power “will only last for 260 cycles or about 75,000 miles of aggressive driving.” As solid-state batteries are temperature sensitive, “the power and cycle tests at 30 and 45 degrees above would have been significantly worse if run even a few degrees lower.” QuantumScape’s stock price fell $34.49 on this news, or approximately 40.84%, to close at $49.96 per share on January 4, 2021.
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