| COMPANY |
Rivian Automotive, Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
22-cv-01524 |
| JUDGE |
The Honorable Josephine L. Staton |
| CLASS PERIOD |
November 10, 2021 - March 10, 2022 |
| SECURITY TYPE |
Common Stock |
Case Background:
Kessler Topaz Meltzer & Check, LLP filed a class action lawsuit on behalf of those who purchased or acquired Rivian Automotive, Inc. (“Rivian”) (NASDAQ: RIVN) common stock between November 10, 2021 and March 10, 2022, inclusive (the “Class Period”).
This securities fraud class action case arises out of Defendants’ representations and omissions made in connection with Rivian’s highly-anticipated initial public offering (“IPO”) on November 10, 2021. Specifically, the Company’s IPO offering documents failed to disclose material facts and risks to investors arising from the true cost of manufacturing the Company’s electric vehicles, the R1T and R1S, and the planned price increase that was necessary to ensure the Company’s long-term profitability. During the Class Period, Plaintiffs allege that certain defendants continued to mislead the market concerning the need for and timing of a price increase for the R1 vehicles. The truth concerning the state of affairs within the Company was gradually revealed to the public, first on March 1, 2022 through a significant price increase—and subsequent retraction on March 3, 2022—for existing and future preorders. And then on March 10, 2022, the full extent Rivian’s long-term financial prospects was disclosed in connection with its Fiscal Year 2022 guidance. As alleged, following these revelations, Rivian’s stock price fell precipitously, causing significant losses and damages to the company’s investors.
Current Status of Case:
In July 2023, the Court denied Defendants’ Motions to Dismiss the amended complaint in its entirety. The case is in discovery and is ongoing.
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: Jon 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.