SAN DIEGO, April 24, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that purchasers or acquirers of Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) common stock between March 1, 2023 and February 21, 2024, inclusive (the “Class Period”) have until June 18, 2024 to seek appointment as lead plaintiff of the Rivian class action lawsuit. The Rivian lawsuit charges the Company, certain senior executive officers, and the Company’s underwriters with violations of the federal securities laws.
If you purchased shares of Rivian common stock between March 1, 2023 and February 21, 2024, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/rivian/
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Case Allegations: The Rivian lawsuit alleges that Defendants made false and/or misleading statements, including that: (i) Rivian had overstated demand for its products, as well as its ability to withstand negative, near-term macroeconomic impacts; (ii) 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.
According to the lawsuit, on February 21, 2024, Rivian announced its fourth quarter and full year 2023 financial results. Among other items, Rivian announced that it expected to produce 57,000 vehicles in 2024, significantly lower than analyst expectations of 80,000 vehicles. The Company further forecasted an adjusted EBITDA loss of $2.7 billion for full year 2024, compared to analyst expectations of $2.59 billion, and announced plans to cut 10% of salaried staff, citing economic uncertainty. On this news, Rivian’s stock price tumbled 25.6%, or $3.94 per share, to close at $11.45 per share on February 22, 2024.
About DiCello Levitt: At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
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