Arqit Quantum, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Arqit Quantum Inc. f/k/a Centricus Acquisition Corp. (“Arqit” or the “Company”) (NASDAQ: ARQQ, ARQQW, CENH, CENHU, CENHW) securities from September 7, 2021 through April 18, 2022, both dates inclusive (the “Class Period”); and/or (ii) Centricus securities as of the record date for the special meeting of shareholders held on August 31, 2021 to consider approval of the merger between Arqit and Centricus (the “Merger”) and entitled to vote on the Merger. Investors have until July 5, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Arqit is a cybersecurity company that has developed quantum encryption technology.
On April 18, 2022, The Wall Street Journal published an article titled, “British Encryption Startup Arqit Overstates Its Prospects, Former Staff and Others Say.” On this news, Arqit share price declined by $2.57 per share, or approximately 17.07%, from $15.06 per share to close at $12.49 per share on April 18, 2022.
The lawsuit alleges throughout the Class Period and in connection to the Merger, Defendants made false and/or misleading statements and/or failed to disclose: (1) Arqit’s proposed encryption technology would require widespread adoption of new protocols and standards for telecommunications; (2) British cybersecurity officials questioned the viability of Arqit’s proposed encryption technology in a meeting in 2020; (3) the British government was not an Arqit customer but, rather, providing grants to Arqit; and (4) Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger.