Overview

A class action lawsuit has been filed against Quantum Computing Inc. (“QCI” or the “Company”) and certain of the Company’s current senior executive officers alleging violations of the federal securities laws.  The Company’s common stock traded in an efficient market on either the Nasdaq Stock Market or the OTC Markets-OTCQB under the ticker symbol “QUBT.”

The QCI class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired QCI securities between March 30, 2020 and January 15, 2025, both dates inclusive (the “Class Period”).

QCI is an American company that purportedly utilizes non-linear quantum optics to deliver quantum products for high-performance computing applications.  The Company has a history of reinventing its business to align with shifting popular trends in the technology industry.  Since its founding in 2018, QCI has shifted its focus from quantum-computer-ready software services to commercializing quantum photonic technology and related devices, to integrating technology and devices with artificial intelligence (“AI”) applications, to producing thin film lithium niobate (“TFLN”) quantum computing chips.

In September 2023, QCI announced that it had selected a five-acre site in Arizona State University’s (“ASU”) Research Park in Tempe, Arizona (the “ASU Research Park”) for its purported “Quantum Photonic Chip Foundry” to produce TFLN chips, which Defendants purportedly expected QCI to mass produce by late 2024 to early 2025.

According to the lawsuit, Defendants repeatedly touted QCI’s business dealings and contracts with various entities, including employee staffing solutions company Quad M Solutions, Inc. (“Quad M”) and millionways, Inc. (“millionways”), purportedly a leading AI firm, as well as QCI’s purported “longstanding strategic partnership” with the National Aeronautics and Space Administration (“NASA”).  Defendants represented that each such deal, contract, or partnership resulted from QCI’s ability to substantially aid a given use-case through its differentiated quantum computing technologies, products, and/or services.

Furthermore, the QCI lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants overstated the capabilities of QCI’s quantum computing technologies, products, and/or services; (2) Defendants overstated the scope and nature of QCI’s relationship with NASA, as well as the scope and nature of QCI’s NASA-related contracts and/or subcontracts; (3) Defendants overstated QCI’s progress in developing a TFLN foundry, the scale of the purported TFLN foundry, and orders for the Company’s TFLN chips; (4) QCI’s business dealings with Quad M and millionways both qualified as related party transactions; (5) accordingly, QCI’s revenues relied, at least in part, on undisclosed related party transactions; (6) all the foregoing, once revealed, was likely to have a significant negative impact on QCI’s business and reputation; and (7) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired QCI securities between March 30, 2020 and January 15, 2025, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the QCI class action lawsuit is April 28, 2025.