NEW YORK, NY - (NewMediaWire) - May 5, 2022 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against IonQ, Inc. (“IonQ” or the “Company”) (NYSE: IONQ).
If you suffered losses exceeding $50,000 investing in IonQ stock or options and would like to discuss your legal rights,Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/IONQ.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The investigation focuses on IonQ’s statements about its 32-qubit machine which the company claims is “the world’s most powerful quantum computer.” IonQ’s representations allowed the company to go public through a SPAC-merger in late Sept. 2021.
But on May 3, 2022, the claims came into question after activist short-seller Scorpion Capital published a 183-page scathing report alleging the company’s claims of a 32-qubit machine are a “brazen hoax.” The firm points out that past employees stated in interviews the technology “doesn’t exist,” that “it was totally made up,” and that the company is “trying to cover up that it is not there.”
Scorpion determined that IonQ’s only actual machine is an old 11-qubit toy computer for demonstration purposes that ex-employees, leading quantum experts, and key partners “all described as primitive, useless, doomed by fatal error rates inherent to the technology, unreliable with low uptime, and so slow that a useful calculation could take 3 years.”
In addition, Scorpion accused IonQ of recording fictitious revenue via sham transactions and related-party round-tripping and, thereby, creating the illusion of commercial momentum.
In response, the price of IonQ shares sharply fell.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.