2022-05-01 | NDAQ:RIVN | Press release
San Francisco, Calif.–(Newsfile Corp. – May 1, 2022) – Hagens Berman urges Rivian Automotive, Inc. (NASDAQ: RIVN) investors with significant losses for submit your losses now.
Rivian Automotive, Inc. (RIVN) Securities Class Action:
In connection with Rivian’s IPO and throughout the Class Period, Defendants touted the company‘s 55,400 pre-orders for its R1T electric pickup truck and R1S electric SUV, and that Rivian planned to “produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss”. by the end of 2021.
The Complaint alleges that the Defendants misrepresented and concealed the following: disclosing that: (1) Rivian would not meet its 2021 production and delivery targets; and that (2) Rivian’s vehicles were underpriced and the company should raise prices significantly.
The truth began to emerge on December 16, 2021, when Rivian revealed that it would fall “a few hundred vehicles close to [its] 2021 production target of 1,200 [vehicles]. CEO Scaringe also admitted that Rivian’s vehicles were “very aggressively priced” and that, in “the context of inflation”, the company was “watching[ing] to [their] pricing.”
Then, on January 10, 2022, Rivian confirmed that it had “produced only 1,015 vehicles at the end of 2021” and that only “920 vehicles had been delivered by this date”.
Further, on March 1, 2022, Rivian announced that it was increasing the prices of the R1T and R1S by 17% and 20%, respectively, and that the new prices would apply to almost all pre-orders.
Then, on March 3, 2022, defendants retracted certain aspects of the price increases, now announcing that pre-orders placed before March 1, 2022 would not be subject to the new prices and that customers who had canceled their pre-orders could reinstate their orders at original price.
Finally, on March 10, 2022, Rivian announced disappointing results for the fourth quarter of 2021 and revealed that the company only plans to produce 25,000 vehicles in 2022.
Each of these events caused Rivian’s stock price to fall precipitously.
“We are focused on investor losses and evidence that defendants misrepresented Rivian’s production capabilities,” said Reed Kathrein, Hagens Berman’s partner leading the investigation.
If you have invested in Rivian, or have knowledge that can help the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: People with nonpublic information about Rivian should consider their options to help with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]
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About Hagens Berman
Hagens Berman is a global complex plaintiffs’ rights litigation law firm, focusing on corporate liability through class action law. The firm is home to a strong securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases that achieve real results for those harmed by negligence and fraud. of business. To learn more about the company and its successes, visit hbsslaw.com. Follow the company for updates and news on @ClassActionLaw.
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122325