Case Status
Active
Case Caption
Bush v. Blink Charging Co. et al.
Position
Co-Lead Counsel
Practice Areas
Court
U.S. District Court for the Southern District of Florida
Case Number
1:20-cv-23527-KMW
Defendant(S)
Blink Charging Co.
Michael D. Farkas
Michael P. Rama
Stock Symbol
NASDAQ: BLNK
File Date
Class Period
-
Lead Plaintiff Deadline
Phone

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
Title
Hagens Berman is Appointed Co-Lead Counsel.
Case Status
Date
Title
The Consolidated Amended Complaint is filed.
Case Status
Date

CASE TIMELINE

The Consolidated Amended Complaint is filed.

Hagens Berman is Appointed Co-Lead Counsel.

Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.