10/24/24 | Court Grants Final Approval of $3.75M Settlement
On Oct. 21, 2024, U.S. District Judge Kathleen M. Williams granted final approval of the $3.75 million class-action settlement, which provides significant relief to purchasers of the securities of Blink Charging Co. from March 6, 2020, through Aug. 19, 2020, both dates inclusive. For more details on the settlement, visit strategicclaims.net/blink. The deadline for class members to submit a claim is Dec. 4, 2024.
This is a securities fraud class action against Blink Charging Co. (“Blink” or the “Company”) and certain of the Company’s senior executives (collectively, “Defendants”). The lawsuit is brought on behalf of investors who purchased Blink securities between March 6, 2020 and August 19, 2020 (the “Class Period”).
BLINK'S ALLEGED FRAUD
Blink is a Miami, Florida-based company that operates electrical vehicle charging stations at various locations throughout the United States. Throughout the Class Period, Defendants misrepresented and concealed the inadequacies and poor functionality of Blink’s EV charging stations, as well as overstated the partnerships, expansions, and growth that Blink was experiencing.
On Aug. 19, 2020, investors began to learn the truth, when two research firms released scathing reports about the Company. Specifically, Culper Research published a report accusing Blink of, among other things, “vastly exaggerat[ing] the size of its EV charging network in order to siphon money from the pockets of investors to insiders.” Culper Research also claimed that just 15% of Blink’s claimed 15,000 charging stations are functional, as site visits the firm conducted revealed a plethora of neglected, abused, non-functional, or otherwise missing chargers.”
That same day, Mariner Research Group published another report questioning Blink’s CEO, Defendant Michael Farkas, ties to alleged “pump and dumpers” and penny stock dealers, and concluding that “[w]e believe that the management team and underlying asset base are a significant cause for concern.”
As a result of these reports, Blink’s common share stock price fell from its August 18, 2020, close of $10.23 per share to an August 20, 2020, close of $7.94 per share, or over 22%.
CASE TIMELINE
Hagens Berman is pleased to announce a settlement with defendants totaling $3.75 million. The settlement provides significant relief to purchasers of the securities of Blink Charging Co. from March 6, 2020, through Aug. 19, 2020, both dates inclusive. The final approval hearing will be held on Oct. 21, 2024.
