NEW YORK, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against D-Wave Quantum (NASDAQ:QMCO) Inc. (D-Wave or the Company) (NYSE: QBTS) on behalf of D-Wave stockholders. Our investigation concerns whether D-Wave has violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 2, 2024, in a filing with the U.S. Securities and Exchange Commission, D-Wave disclosed that the Audit Committee of the Company's Board of Directors "determined that the Company's (i) audited financial statements included in the Company's Annual Reports on Form 10-K for the periods ended December 31, 2022, 2021, and 2020 (the 'Audited Financial Statements'), filed with the U.S. Securities and Exchange Commission (the 'SEC') on April 18, 2023 (the 'Form 10-K'), and (ii) unaudited financial statements included in each of the Company's Quarterly Reports on Form 10-Q for the periods ending September 30, 2023, June 30, 2023, and March 31, 2023 (the 'unaudited Financial Statements,' and together with the Audited Financial Statements, the 'Financial Statements'), filed with the SEC on November 9, 2023, August 10, 2023, and May 10, 2023, respectively, as well as the Registration Statements on Forms S-1 and S-4 (Registration Nos. 333-269732, 333-267126, 333-267124 and 333-263573) initially filed with the SEC on February 13, 2023, August 29, 2022, August 29, 2022, and March 15, 2022, respectively which include the Financial Statements (collectively, the 'Affected Periods'), as well as the relevant portions of any communication which describe or are based on the Financial Statements, should no longer be relied upon." D-Wave advised that it "plans to restate, as soon as practicable, the Financial Statements for the Affected Periods in amendments to the Form 10-K, the Q1 2023 Form 10-Q, the Q2 2023 Form 10-Q, and the Q3 2023 Form 10-Q respectively (collectively, the 'Restatement')" and that "[t]he Restatement mainly impacts non-cash and non-operating components of other income (expense) and net loss on the consolidated statements of operations and research incentives receivable and loans payable on the consolidated balance sheets."
On this news, D-Wave's stock price fell $0.09 per share, or 8.88%, to close at $0.88 per share on February 5, 2024.
If you purchased or otherwise acquired D-Wave shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com