Shareholder rights law firm Johnson Fistel, LLP (www.JohnsonFistel.com) announces that a class action has been commenced on behalf of investors of Rivian Automotive, Inc. (NASDAQ: RIVN). The lawsuit is currently on behalf of a potential class of Rivian investors who purchased or acquired Rivian shares between November 10, 2021 and March 10, 2022, inclusive (the "Class Period") and/or pursuant or traceable to its November 2021 initial public stock offering (the "IPO"). To serve as lead plaintiff in this class action, you must move the Court no later than May 6, 2022.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below in a browser: https://www.cognitoforms.com/JohnsonFistel/RivianAutomotiveInc
There is no cost or obligation to you.
What are the allegations in the complaint? Rivian is an electric vehicle company that in 2018 unveiled its first consumer EVs, the R1T electric pickup truck, and the R1S electric SUV. On November 10, 2021, Rivian offered 153 million shares to the public through an IPO at $78.00 per share for total proceeds of $11.93 billion.
The complaint alleges that the Registration Statement's representations were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivian's reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancellation. As a result, the price of the Company's shares was artificially and materially inflated at the time of the Offering.
A lead plaintiff will act on behalf of all other class members in directing the Rivian class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Rivian class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP. Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in securities class action and derivative lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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Contact:
Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122365