Hey guys, any $BLNK investors here? If you’ve been following $BLNK, you probably remember the scandal after the report that accused the company of “vastly exaggerating” its EV charging network back in 2020 and the 37% stock drop afterward. Here’s a recap of what happened and the latest news on the $3.75M settlement.
In August 2020, Culper Research claimed that only 15% of BLINK’s 15,000 chargers were functional (They even included photos and user interviews, tho).
Soon after, Mariner Research Group called Blink "overvalued" and criticized the company’s reliance on federal subsidies and CEO Michael Farkas’s $7 million compensation, which they said didn’t align with performance.
The market didn’t take these accusations lightly. Within 48 hours, Blink’s stock dropped 37% and, despite Blink’s efforts to counter these allegations—calling them a “manipulative short-seller campaign”—the damage was done.
By late 2020, investors filed a lawsuit, alleging that Blink hid info about its network size, partnerships, and overall growth prospects.
Now, Blink has already agreed to a $3.75M settlement to resolve these claims, and even if the deadline has passed, they’re accepting late claims. So, if you held $BLNK shares during that time, you might be eligible to file for compensation.
Fast forward to today, Blink is still facing significant challenges. Its stock remains far below its highs, and it announced a 14% workforce reduction to save $9 million annually (which is bad news, tbh). On the brighter side, however, they recently surpassed 100,000 chargers sold, deployed, or contracted globally. So maybe they’ll have better news soon.
Anyways, has anyone here held $BLNK back then? If so, how much were your losses?
Source: Financial-Stick-8500
2 Comments
Tbh, it feels like your post should be in r/WallStreetbets or some place like that. Has nothing to do with energy, but only with the stock market.
I really hate how many of the serious professional subreddits like this one are being flooded by wannabe investor bros thinking they can make a quick buck at any cost.