BOSTON, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders against Enovix Corp. (NASDAQ: ENVX) and certain of its executives, for securities fraud. The complaint was brought in United States District Court for the Northern District of California and is captioned Twitchell v. Enovix Corp., No. 23-cv-00071 (N.D. Cal.) and is brought on behalf of investors that incurred damages on their purchases in Enovix Corp. common stock between February 22, 2021 and January 3, 2023, inclusive.
A class has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Investors who purchased Enovix Corp. shares between February 22, 2021 and January 3, 2023 and who lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or to visit our website for information on the case.
The deadline to seek appointment as lead plaintiff is March 7, 2023.
What is this all about?
Enovix designs, develops, and manufactures silicone-anode lithium ion batteries using proprietary 3D cell architecture, which the Company claims allow its batteries to achieve higher energy density. On July 15, 2021, Enovix became a publicly traded company by merging with a special purpose acquisition company (“SPAC”), after being acquired by the Rodgers Silicon Valley Acquisition Corp. (“RSVAC”) on July 14, 2021.
At the time Enovix went public, the Company’s only manufacturing line was beset by defects and technical problems that prevented the Enovix from manufacturing its batteries at scale, despite then CEO, Harrold Rust’s stating that the Company was focused on producing for “mass-market applications.”
Throughout the class period, defendants overstated Enovix’s ability to produce batteries at scale, touting the Company’s “meaningful progress” in scaling up its manufacturing facility, and its being positioned to deliver batteries ahead of competitors, despite its continued manufacturing issues.
On November 1, 2022, Enovix released a Letter to Shareholders for Q3 2022 in which it reported third quarter revenue of only eight thousand dollars, despite prior promises of delivery commercial products on a meaningful scale. Additionally, the Q3 letter disclosed that Enovix was pivoting and prioritizing its next generation manufacturing line, altering previously announced commercialization timelines.
Following these disclosures, Enovix shares plummeted 44% from its October 31, 2022 closing price to when the market closed on November 2, 2022.
Then on January 3, 2023, Enovix held a “special presentation to shareholders” during which new CEO Thurman Rodgers disclosed further issues with both production lines, with one line “doing less than 10% of what it should be doing,” and that revenues investors had previously been told to expect in early 2024 were no longer possible due to buildout delays.
On this news, Enovix shares plunged 41% in intraday trading on January 4, 2023.
If you purchased or acquired Enovix Corp. shares between February 22, 2021 and January 3, 2023 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or visit our website. The deadline to seek appointment as lead plaintiff is March 7, 2023.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
