Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 18, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Rivian Automotive, Inc. ("Rivian" or the "Company") (NASDAQ: RIVN) investors that a class action filed on behalf of investors that purchased Rivian shares; (a) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s November 2021 initial public offering (“IPO” or the “Offering”); and/or (b) between November 10, 2021, and March 10, 2022, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 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.
The complaint alleges that Rivian's IPO offering documents were materially inaccurate, misleading and/or incomplete because they failed to disclose, among other things, that: (1) the R1T and R1S vehicles were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO; (2) these price increases would tarnish Rivian's reputation as a trustworthy and transparent company; and, (3) these price increases would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancelation.
But on Mar. 1, 2022, Rivian announced that it was raising prices of the R1T and R1S by 17% and 20%, respectively, and that the new prices would apply to nearly all the preorders.
Then, on Mar. 2, 2022, ARS Tecnica reported that beginning in spring 2021 Rivian's then VP of sales and marketing "started to raise the alarm about concerns she had relating to Rivian's ability to deliver on its promises to investors" and "it was clear that the vehicles were underpriced and each sale would result in a loss for the company." The same day, Electrik reported that Rivian buyers are canceling at alarming rates after the price increases.
These events have driven the price of Rivian shares well below the $78 IPO price.
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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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