NEW YORK, June 21, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed against Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) in the U.S. 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 request that the Court appoint them as lead plaintiff in the lawsuit.
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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 impact of inflation and higher interest rates on demand for its EVs; (iii) the number of orders in Rivian’s backlog had declined due to cancellations and other factors; (iv) Rivian was not increasing its production of EVs at a stated pace; and (v) all of the foregoing would likely have, and did, negatively impact the Company’s expected 2024 earnings and vehicle production targets.
On February 21, 2024, Rivian issued a press release after the close of trading announcing its fourth quarter and full-year 2023 financial results. As part of these results, Rivian announced that it plans to produce only 57,000 electric vehicles in 2024, well below the 80,000 electric vehicles expected by analysts. Rivian also announced that it expects an adjusted EBITDA loss of $2.7 billion for 2024, while analysts had expected a loss of $2.59 billion. Rivian cited “economic and geopolitical uncertainties and constraints, particularly the impact of historically high interest rates.” Rivian also announced that it would lay off 10% of its permanent employees.
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 stock and suffered a loss, are a long-term shareholder, have information, would like to learn more about these claims, or have any questions about this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at [email protected], by phone at (212) 355-4648, or by completing this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation in state and federal courts across the country. For more information about the firm, visit www.bespc.com. Attorney advertising. Past results do not guarantee similar results.
Contact information:
Bragar Eagle & Squire, PC
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
