Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 28, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Rivian Automotive, Inc. (“Rivian or the “Company) (NASDAQ: RIVN) investors that a class action has been filed on behalf of investors. Rivian investors that purchased and/or sold shares between August 12, 2022 and February 21, 2024 and lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
According to the Complaint, Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures, and sells EVs and accessories. The Company’s products include, among others, the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven passenger sport utility vehicle, both of which are marketed as consumer EVs, as well as the Electric Delivery Van (“EDV”), which is marketed as a commercial EV. Rivian sells its products directly to customers in both the consumer and commercial markets.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or 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; (iv) all the foregoing was likely to, and did, negatively impact the Company's anticipated earnings and vehicle production targets for 2024; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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