Robbins LLP is Investigating the Allegations that Innoviz Technologies Ltd. (INVZ) Misled Investors Regarding the Profitability of its Purported Contracts
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired shares of Innoviz Technologies Ltd. (NASDAQ: INVZ, INVZW) between April 21, 2021 and February 28 2023. Innoviz designs and manufactures solid-state light detection and ranging, or “LiDAR”, sensors and develops perception software that purportedly enables the mass production of autonomous vehicles.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that (i) Innoviz had overstated the benefits that the Company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies, and (ii) as a result, the Company was unlikely to achieve the level of profitability that defendants had represented to investors.
On March 1, 2023, Innoviz issued a press release announcing the Company’s financial and operational results for its fiscal full year (“FY”) 2022. Among other items, Innoviz reported GAAP1 FY 2022 earnings per share (“EPS”) of -$0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. In addition, Innoviz guided for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million. The Company’s disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported “Tier-1 companies.” On this news, Innoviz’s ordinary share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023.
What Now: You may be eligible to participate in the class action against Innoviz Technologies Ltd. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by May 14, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
