NEW YORK, June 21, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Rivian securities between August 12, 2022 and February 21, 2024, both dates inclusive (the “Class Period”). Investors have until July 30, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
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 purchased or otherwise acquired Rivian shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
