The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Rivian Automotive, Inc. who purchased Securities between March 1, 2023 and February 21, 2024.
The filed complaint alleges that defendants made materially 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 18, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
