Levi & Korsinsky LLP
04/09/2025 | Press release | Distributed by Public on 04/09/2025 08:17
Bogus Contracts Enrage QUBT Investors; Lawsuit Follows
Quantum Computing suffered a short-circuit after a shocking report revealed the Company's customers, contracts, and facilities were fake. Outraged investors pulled the plug on their Quantum shares, sending the Company's stock into a freefall. Some of those investors are now taking legal action to recover their losses.
For years, Quantum bragged about its multi-million dollar contracts with NASA and a few other companies. It also claimed it was building a massive facility in Phoenix to manufacture its cutting-edge TFLN computing chips.
But investors got a nasty surprise in December and January. In December 2024, a shortseller report revealed the Phoenix facility was just a tiny lab incapable of mass production.
Then in January another report revealed Quantum only ever had one contract with NASA worth $26,000. Some of Quantum's contracts with other companies just sham contracts with companies owned by Quantum's owners.
Stunned investors dumped their shares, causing Quantum's stock to plunge 15%. Some investors are now joining the lawsuit.
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