Microvast Holdings, Inc. et al Securities Litigation

Berger Montague is co-lead counsel in a securities class action lawsuit, Schelling v. Microvast Holdings, Inc. et al., filed on behalf of Microvast investors. The complaint, filed on December 5, 2023, alleges that the lithium-ion battery company misled investors about a revoked $200 million grant from the U.S. Department of Energy. 

On August 22, 2025, Judge Andrew S. Hanen granted in part and denied in part the defendants’ motion to dismiss, allowing the majority of the claims to proceed.

On October 19, 2022, Microvast announced it received a $200 million grant from the U.S. Department of Energy’s Battery Materials Processing and Battery Manufacturing initiative. However, on May 22, 2023, Reuters announced that the Department of Energy would not be awarding the company the grant. The suit alleges Microvast knew they would not receive the $200 million grant months before it was announced to the public.

About Berger Montague

Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.