Rivian Automotive, Inc. (RIVN) Shareholder Class Action Lawsuit
Introduction
A securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Rivian Automotive, Inc. (Rivian or the Company) (NASDAQ: RIVN) between March 1, 2023, and February 21, 2024, inclusive (the Class Period). The lawsuit alleges that the Company failed to disclose to investors that it had overstated demand for its products, its ability to withstand negative macroeconomic impacts, and that its order bank had significantly deteriorated, which negatively impacted its anticipated earnings and vehicle production targets.
Allegations of Wrongdoing
The lawsuit alleges that defendants violated the Securities Exchange Act of 1934 by failing to disclose material information to investors, including:
* Rivian had overstated demand for its products and its ability to withstand negative macroeconomic impacts.
* Rivian’s business was experiencing reduced demand and increased customer cancellations as a result of, among other things, high-interest rates.
* Rivian’s order bank had significantly deteriorated.
* The foregoing was likely to, and did, negatively impact the Company’s anticipated earnings and vehicle production targets for 2024.
Impact on Rivian’s Stock Price
On February 21, 2024, Rivian announced its fourth quarter and full year 2023 financial results, which were significantly below analyst expectations. The Company’s stock price fell $3.94 per share, or 25.6%, to close at $11.45 per share on February 22, 2024.
Rights of Investors
If you purchased or acquired Rivian securities during the Class Period and wish to discuss your legal rights and options, please contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com. You may also visit the website for more information: [Rivian Automotive, Inc. Shareholder Class Action Lawsuit](https://www.bernlieb.com/cases/rivian-automotive-inc-nasdaq-rivn/)
Lead Plaintiff Deadline
If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
