| COMPANY |
Innoviz Technologies Ltd. |
| COURT |
United States District Court for Southern District of New York |
| CASE NUMBER |
24-cv-01971 |
| JUDGE |
The Hon. Analisa Nadine Torres |
| CLASS PERIOD |
April 21, 2021 through February 28, 2023 |
| SECURITY TYPE |
Securities |
Innoviz investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than May 14, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Innoviz Technologies Ltd. (“Innoviz”) (NASDAQ: INVZ) securities between April 21, 2021 and February 28, 2023, both dates inclusive (the “Class Period”).
Case Background:
On March 1, 2023, Innoviz released its fiscal full year 2022 financial results, reporting GAAP earnings per share of negative $0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. Additionally, the Innoviz issued 2023 guidance in the range of $12 to $15 million, significantly below consensus estimates of $30 million.
On this news, Innoviz’s stock price fell $0.71, or 15%, to close at $4.04 per share on March 1, 2023.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Innoviz had overstated the benefits that the company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (2) as a result, the company was unlikely to achieve the level of profitability that defendants had represented to investors; (3) accordingly, Innoviz had overstated its business and/or financial prospects; and (4) as a result, the company's public statements were materially false and misleading at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.