NEW YORK, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Enovix Corp. (“Enovix” or “Company”) (NASDAQ: ENVX) f/k/a Rodgers Silicon Valley Acquisition Corp. (“RSVAC”) (NASDAQ: RSVAU). A complaint has been filed on behalf of investors who purchased or otherwise acquired Enovix or RSVAC common stock between February 22, 2021 and January 3, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Enovix or RSVAC common stock during the Class Period, ENVX or RSVAU, and would like to discuss this case or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1 (800) 290-1952.
If you are a member of the proposed Class, you may move the court no later than March 7, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Enovix purports to design, develop, and manufacture silicon-anode lithium-ion batteries using proprietary 3D cell architecture, which Enovix claims allows its batteries to achieve higher energy density. On July 14, 2021, Enovix was officially acquired by RSVAC, a special purpose acquisition company, or SPAC.
According to the complaint, just months before the merger, Enovix received key equipment to establish its first manufacturing line at its "Fab-1" facility. Although Enovix had previously produced and delivered sample batteries using its pilot production line, the pilot line produced only 20 batteries per day. Therefore, building a full-scale production facility was a key step to producing batteries at a commercial level according to the complaint.
Further, according to the complaint, in November 2021, Enovix announced that it had begun developing a second automated production line at its Fab-1 facility. The second line, Enovix told investors, would be a "workhorse" focusing on batteries for mobile electronics, such as laptops and smartphones, thereby supporting Enovix's "ramp" to achieve meaningful scale and revenue in the consumer electronics market starting in 2023.
However, on November 1, 2022, according to the complaint, Enovix revealed that the Company realized just $8,000 in revenue for the third quarter of fiscal year 2022. Enovix also revealed that it would be "dialing back" its work on improving the existing Gen-1 manufacturing lines to focus on its future Gen-2 manufacturing lines. Additionally, Enovix disclosed that it “anticipate[d] achieving lower overall output from Fab-1 in 2023.”
Following this news, Enovix's stock price fell from $18.87 per share on October 31, 2022 to close at $10.53 per share on November 2, 2022, more than a 44% decline over two days.
Then, on January 3, 2023, according to the complaint, Enovix held a special presentation for investors during which Enovix’s Executive Chairman revealed that Enovix's second production facility and Gen2 manufacturing lines would be delayed by several additional months because of equipment failures experienced in the Fab-1 lines.
Following this news, Enovix's stock price declined from a close of $12.12 per share on January 3, 2022 to close at $7.15 per share on January 4, 2022, a 41% decline.
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Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
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E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
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(415) 772-4704
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E-mail: lking@kaplanfox.com
