NEW YORK, April 22, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Rivian Automotive, Inc. (NASDAQ: RIVN)?
- Did you purchase your shares between March 1, 2023 and February 21, 2024, inclusive?
- Did you lose money in your investment in Rivian Automotive, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) between March 1, 2023 and February 21, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Rivian securities, and/or would like to discuss your legal rights and options please visit Rivian Automotive, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (i) Rivian had overstated demand for its products, as well as its ability to withstand negative, near-term macroeconomic impacts; (ii) accordingly, Rivian’s business was experiencing reduced demand and increased customer cancellations as a result of, inter alia, high interest rates; (iii) as a result, Rivian’s order bank had significantly deteriorated; and (iv) all the foregoing was likely to, and did, negatively impact the Company’s anticipated earnings and vehicle production targets for 2024.
On February 21, 2024, Rivian announced its fourth quarter and full year 2023 financial results. Among other items, Rivian announced that it expected to produce 57,000 vehicles in 2024 – significantly lower than analyst expectations of 80,000 vehicles. The Company further forecasted an adjusted EBITDA loss of $2.7 billion for full year 2024, compared to analyst expectations of $2.59 billion, and announced plans to cut 10% of salaried staff, citing economic uncertainty.
On this news, Rivian’s stock price fell $3.94 per share, or 25.6%, to close at $11.45 per share on February 22, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Rivian securities, and/or would like to discuss your legal rights and options please visit Rivian Automotive, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
