NEW YORK, June 17, 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 August 12, 2022 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 August 12, 2022 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 Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (i) Rivian had overstated demand for its electric vehicles (“EVs”); (ii) Rivian had concealed the negative effect inflation and higher interest rates were having on demand for its EVs; (iii) the number of orders in Rivian’s order bank had decreased due to cancellations and other factors; (iv) Rivian was failing to ramp up its production of EVs at the rate it claimed; and (v) 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, after the close of trading, 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 EBITDA 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 $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 July 30, 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 Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@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:
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
