NEW YORK, NY / ACCESSWIRE / June 26, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Rivian Automoative, Inc. ("Rivian" or the "Company") (NASDAQ:RIVN). Such investors are advised to 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.
The class action concerns whether Rivian and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until July 30, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Rivian securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On February 28, 2023, Rivian announced a lower-than-expected 2023 EV production target.
On this news, Rivian's stock price fell $3.54 per share, or more than 18%, to close at $15.76 per share on March 1, 2023.
Then, on February 21, 2024, Rivian issued a press release announcing its fourth quarter and full year 2023 financial results. As part of these results, Rivian revealed that it planned to produce only 57,000 EVs in 2024, well below the 80,000 EVs expected by analysts. Rivian also revealed an adjusted EBITDA1 loss of $2.7 billion expected for 2024, versus a $2.59 billion loss expected by analysts, blaming "[e]conomic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates." Rivian also announced it would cut 10% of salaried staff.
On this news, Rivian's stock price fell $11.45 per share, or more than 25.6%, to close at $11.52 per share on June 6, 2023.
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.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP