Le Lézard
Classified in: Business
Subject: ATY

RIVN INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Rivian Automotive, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit!


NEW YORK, June 14, 2024 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Rivian Automotive, Inc. ("Rivian" or "the Company") (NASDAQ: RIVN) and certain of its officers.

Class Definition:

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Rivian securities between August 12, 2022, and February 21, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/RIVN.

Case Details:

According to the Complaint, Rivian, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The Company sells its products directly to customers in the consumer and commercial markets.

The Complaint alleges that throughout the Class Period Rivian made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:

(1) Rivian had overstated demand for its electronic vehicles (EVs);

(2) Rivian had concealed the negative effect inflation and higher interest rates were having on demand for tis EVs;

(3) the number of orders in Rivian's order bank had decreased due to cancellations and other factors;

(4) Rivian was failing to ramp up its production of EVs at the rate it claimed;

(5) all the foregoing was likely to, and did, negatively impact the Company's anticipated earnings and vehicle production targets for 2024; and

(6) as a result, the Company's public statements were materially false and misleading at all relevant times.

On February 21, 2024, according to the Complaint, 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 earnings before interest, taxes, depreciation, and amortization 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 and historically high interest rates.

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.

Therefore, according to the Complaint, because of Rivian's wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, investors have suffered significant losses and damages.

What's Next?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/RIVN or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Rivian you have until June 18, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.

There is No Cost to You

We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,
332-239-2660 | [email protected]

SOURCE Bronstein, Gewirtz & Grossman, LLC


These press releases may also interest you

at 09:08
BCTCares Foundation, a nonprofit founded by BCT-Bank of Charles Town and its employees, today announced the launch of its annual Pack the 'Pack funding campaign through its BCTCares For The Hungry initiative in support of local backpack food programs...

at 09:08
Expedia Group, Inc. announces a multiyear agreement with Wells Fargo and Mastercard to launch two new co-branded credit cards. Designed to complement One Keytm, Expedia Group's groundbreaking loyalty program, the One Keytm Card and One Key+tm Card...

at 09:05
American States Water Company announced today that the company intends to release its second quarter ended June 30, 2024 financial results after the market closes on Tuesday, August 6, 2024. Robert Sprowls, president and chief executive officer,...

at 09:05
Flowserve Corporation , a leading provider of flow control products and services for the global infrastructure markets, announced today that it plans to release its second quarter 2024 results after the close of the New York Stock Exchange on...

at 09:05
Protolabs announced today that it will issue its financial results for the second quarter of 2024 before the opening of the market on Friday, Aug. 2, 2024. Protolabs will host a conference call to discuss the results at 8:30 a.m. EDT on the same...

at 09:04
Courted, a pioneering force in real estate software, is thrilled to announce its recognition in multiple categories at the prestigious Inman Innovator Awards, including Company of the Year and Most Innovative Use of Artificial Intelligence (AI) for...



News published on and distributed by: