Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Quantum Computing Inc. (QUBT)

/EIN News/ -- NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Quantum Computing Inc. (“Quantum Computing” or the “Company”) (NASDAQ: QUBT) securities between March 30, 2020 and January 15, 2025, inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) defendants overstated the capabilities of Quantum Computing’s quantum computing technologies, products, and/or services; (ii) defendants overstated the scope and nature of Quantum Computing’s relationship with the National Aeronautics and Space Administration (“NASA”), as well as the scope and nature of Quantum Computing’s NASA-related contracts and/or subcontracts; (iii) defendants overstated Quantum Computing’s progress in developing a thin film lithium niobate (“TFLN”) foundry, the scale of the purported TFLN foundry, and orders for Quantum Computing’s TFLN chips; (iv) Quantum Computing’s business dealings with Quad M Solutions, Inc. and millionways, Inc. both qualified as related party transactions; (v) accordingly, Quantum Computing’s revenues relied, at least in part, on undisclosed related party transactions; and (vi) all the above, once revealed, was likely to have a significant negative impact on Quantum Computing’s business and reputation.

The Complaint further alleges that on December 9, 2024, Iceberg Research published a report alleging, among other things, that Quantum Computing “ha[d] shared photos online of what it claims to be its foundry,” “this setup looks more like a laboratory,” and “is a far cry from a foundry ready for ‘mass production’ on what [Quantum Computing] said would be ‘five acres within the extensive 320-acre research park hosted by ASU.’” On this news, the price of Quantum Computing stock fell nearly 6%.

Then, on January 16, 2025, Capybara Research published a report alleging, among other things, that Quantum Computing “is a rampant fraud”; that, “[f]rom inception, [Quantum Computing] has defrauded investors by fabricating revenue, misrepresenting their products, and issuing a steady stream of false press releases”; and that “[t]o conceal their fraud, [Quantum Computing] even included a clause in employee separation agreements prohibiting them from talking to the SEC.” On this news, the price of Quantum Computing stock fell nearly 15% over two trading sessions.

Investors who purchased or otherwise acquired shares of Quantum Computing should contact the Firm prior to the April 16, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.