Volta Industries, an electric vehicle charging network provider, and its board of directors were hit with a shareholder lawsuit on Thursday in California Northern District Court over the company’s proposed acquisition by Shell for $169 million. The suit, filed by Brodsky & Smith on behalf of Michael Arndt, alleges that the proxy statement filed in support of the transaction contains false information. Counsel have not yet appeared for the defendants. The case is 3:23-cv-00699, Arndt v. Volta Inc. et al.
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