Pomerantz Law Firm Announces the Filing of a Class Action Against D-Wave Quantum Inc. and Certain Officers - QBTS
NEW YORK, Oct. 29, 2026 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against D-Wave Quantum Inc. ("D-Wave" or the "Company") (NASDAQ:QBTS) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 26-cv-12155, is on behalf of a class consisting of all persons and entities other than the above-captioned defendants ("Defendants") that purchased or otherwise acquired D-Wave securities between February 27, 2026 and August 25, 2026, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired D-Wave securities during the Class Period, you have until December 15, 2026 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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D-Wave is a quantum computing company focused on the development and delivery of quantum computing systems, software, and services.
At all relevant times, D-Wave represented that its "business model is focused on generating revenue from providing customers access to our quantum computing systems via the cloud in the form of quantum computing as a service products, providing professional services wherein we assist our customers in identifying and implementing quantum computing applications, and selling our quantum computer systems to customers." Accordingly, Defendants reported the Company's revenue in segments including, as relevant here, quantum computer system sales.
After entering into an agreement to sell a quantum computer system, D-Wave recognizes revenue from such sales on a percentage of completion basis, given that several steps are required to render a quantum computer system operational, including but not limited to preparation of the site where the quantum computer will be located, installation, and subsequent calibration of the system.
Although Defendants disclosed to investors these intermediary steps that D-Wave would need to complete between entering a quantum computer sales agreement and recognizing revenue from that sale, they nonetheless assured investors that revenue recognition from such system sales would take place within "multiple months and possibly quarters".
On January 27, 2026, D-Wave announced that Florida Atlantic University had agreed to purchase a quantum computer system for $20 million (the "FAU System Sale"). In this announcement, D-Wave stated that the "deployment" of this quantum computer system was "expected later in 2026". Given that D-Wave, at all relevant times, recognized revenue from quantum computer systems sales on a percentage-of-completion basis, stating that D-Wave expected deployment of a quantum computer system later in 2026 was, in essence, a statement that Defendants expected D-Wave to recognize revenue from the sale of this system later in 2026.
In addition, throughout the Class Period Defendants consistently assured investors that D-Wave enjoyed robust bookings for future sales and that D-Wave's customers expressed "growing interest" in such sales.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants materially understated the amount of time needed to execute intermediary steps necessary to recognize revenue from quantum computer system sales, including the FAU System Sale; (ii) Defendants materially overstated their ability to convert purportedly robust demand for quantum computer systems into sales agreements and recognized revenue; and (iii) as a result, Defendants' public statements were materially false and misleading at all relevant times.
The truth began to emerge on May 12, 2026, when D-Wave reported its financial results for the first quarter of 2026. Among other items, D-Wave reported revenue of only $2.86 million, compared to $12.6 million for the same period in the prior year, and below analyst expectations of $4.04 million. D-Wave also announced a revised timetable concerning FAU's quantum computer system, stating that "system installation is expected to commence before the end of 2026".
On this news, D-Wave's stock price fell $1.68 per share, or 6.69%, to close at $22.35 per share on May 12, 2026.
Then, on August 6, 2026, D-Wave reported its financial results for the second quarter of 2026. Among other items, D-Wave reported revenue of only $3.08 million, compared to $3.1 million for the same period in the prior year, and missed analyst expectations in the range of $4.03 million to $4.08 million. In the quarterly report on Form 10-Q it filed with the United States Securities and Exchange Commission ("SEC") that day, D-Wave explained its revenue from system sales during the quarter decreased year-over-year by $0.8 million, "primarily due to variability in the timing and extent of system installation activities and extent of installation activities in each period", and similarly attributed a year-over year decrease in its revenue for the first six months of 2026 to a "decrease in systems sales" that "was primarily due to the timing of progress recognized under the percentage-of-completion method on the system contracted for delivery in each period."
On this news, D-Wave's stock price fell $1.99 per share, or 9.28%, to close at $19.41 per share on August 6, 2026.
Then, on August 25, 2026, D-Wave issued a press release "announc[ing] that John Markovich is retiring and thus resigning from his position as Chief Financial Officer effective September 2, 2026."
On this news, D-Wave's stock price fell $1.84 per share, or 9.51%, to close at $17.51 per share on August 26, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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