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BLNK.US
id: 1194

Blink Charging (BLNK) Investor Settlement

S.D. Florida
Court
1:20-cv-23527
Case number
06 Mar 2020
Class period Start
19 Aug 2020
Class period End
Blink reached an agreement with $BLNK investors to settle claims over the stations condition, partnerships, and network growth.

Case Details:

In August 2020, Culper publlished a report, which featured images of severely damaged or non-functional Blink chargers, along with interviews with locals describing their issues with the chargers.

On August 19, 2020, Mariner Research Group also criticized Blink for its slow revenue growth compared to the EV industry.
  • They highlighted CEO's compensation of over $7M during this period, attributing the slow growth to product quality and customer churn.
Following the news, $BLNK plummeted by 22.4% on August 20, 2020.

Based on all these events, Blink was accused of the following points:
  • Blink's charging stations suffer from damage, neglect, and non-functionality.
  • Partnerships and expansions with other companies were exaggerated and growth of Blink's network was overstated.
Blink reached an agreement with $BLNK investors to settle claims over misleading about the stations condition, partnerships, and network growth.
Case Status
Tentative Settlement
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
24 August 2020
Plaintiffs
Tianyou Wu
Attorneys
Buckner + Miles, Hagens Berman Sobol Shapiro LLP, Labaton Sucharow LLP, Pomerantz LLP, Shepherd, Finkelman, Miller & Shah, LLC
Defendants
Michael D. Farkas, Michael P. Rama
Judge
Kathleen M. Williams
Trades matching type
FIFO

Frequently Asked Questions

Blink Charging Co

Blink Charging Co., through its subsidiaries, owns, operates, manufactures, and provides electric vehicle (EV) charging equipment and networked EV charging services in the United States and interna...

    Ticker
    BLNK.US
    ISIN
    US09354A1007
    CIK
    1429764
    Sector
    Industrials
    Industry
    Engineering & Construction
    Country
    USA
    Address
    5081 Howerton Way, Bowie, MD, United States, 20715