Rivian Automotive, Inc.
Case Overview
32 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 06/18/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Rivian Automotive, Inc. |
Court: | Court: Central District of California |
Case Number: | Case Number: 2:24cv03269 |
Class Period: | Class Period: 03/01/2023 - 02/21/2024 |
Ticker: | Ticker: RIVN |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) securities during the period of March 1, 2023 through February 21, 2024, inclusive (“the Class Period”). Investors have until June 18, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Rivian made false and/or misleading statements and/or failed to disclose that: (i) the Company 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.
The lawsuit alleges that Rivian made false and/or misleading statements and/or failed to disclose that: (i) the Company 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.