A lawsuit was filed on behalf of investors in Rivian Automotive, Inc. (NASDAQ:RIVN) shares over alleged securities laws violations.
San Diego, CA — (SBWIRE) — 03/22/2022 — An investor, who purchased NASDAQ: RIVN shares, filed a lawsuit against Rivian Automotive, Inc over alleged violations of Federal Securities Laws by Rivian Automotive, Inc. in connection with Rivian’s Initial Public Offering (“IPO”) on November 10, 2021
Investors who purchased shares of Rivian Automotive, Inc. (NASDAQ: RIVN) have certain options and for certain investors are short and strict deadlines running. Deadline: May 6, 2022. NASDAQ: RIVN investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
Irvine, CA based Rivian Automotive, Inc. develops and manufactures electric adventure vehicles. Rivian Automotive, Inc went public in November 2021. Rivian Automotive, Inc raised nearly $12 billion in its initial public offering by selling NASDAQ: RIVN shares at $78 per share.
According to the Registration Statement, the “R1T and R1S introduce our brand to the world and will serve as our flagship vehicles as we continue to expand our offerings.”
Rivian’s focus on its reputation for transparency and devotion to its customers, along with Rivian’s R1T and R1S, including the large number of preorders and potential for increased demand were key selling points to IPO investors.
On January 11, 2022, Rivian announced its COO, Rod Copes had stepped down.
Shares of Rivian Automotive, Inc. (NASDAQ: RIVN) declined from $123.40 per share on December 8, 2021, to as low as $55.10 per share on January 24, 2022.
According to the complaint the plaintiff alleges on behalf of purchasers of Rivian Automotive, Inc. (NASDAQ: RIVN) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the IPO Registration Statement’s representations were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivian’s reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancellation.
Those who purchased shares of Rivian Automotive, Inc. (NASDAQ: RIVN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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