Robbins LLP is Investigating the Allegations that Rivian Automotive, Inc. (RIVN) Misled Investors Regarding Demand for its Products
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Rivian Automotive, Inc. (NADSAQ: RIVN) common stock between March 1, 2023 and February 21, 2024. Rivian designs, develops, manufactures, and sells electric vehicles (“EVs”) and accessories.
The Allegations
According to the complaint, during the class period, defendants failed to disclose that: (i) Rivian 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.
When the truth came out in the Company’s fourth quarter and full year 2023 financial results, Rivian’s stock price fell $3.94 per share, or 25.6%, to close at $11.45 per share on February 22, 2024.
What Now: You may be eligible to participate in the class action against Rivian Automotive, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 18, 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.
