Did you lose money on investments in Rivian Automotive? If so, please visit Rivian Automotive, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, April 07, 2022 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of Rivian Automotive, Inc. (“Rivian” or the “Company”) (NASDAQ: RIVN) between November 10, 2021 and March 10, 2022, inclusive, including those investors who acquired Rivian securities pursuant to and/or traceable to the Company’s November 10, 2021 Initial Public Offering (“IPO” or the “Offering”) of 153 million Rivian shares at $78 per share (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Acts of 1933 and 1934.
Rivian, an electric vehicle (“EV”) company, unveiled its first consumer EVs, the R1T electric pickup truck and the R1S electric SUV, in 2018. According to the Registration Statement filed in connection with the IPO, the “R1T and R1S introduce our brand to the world and will serve as our flagship vehicles as we continue to expand our offerings.”
R1T sales began in September 2021 and R1S sales were planned to begin in December 2021. As of October 31, 2021, Rivian reported “approximately 55,400 R1T and R1S preorders in the United States and Canada from customers who paid a cancellable and fully refundable deposit of $1,000.” At the time of its IPO, Rivian planned to produce approximately 1,200 R1Ts and 25 R1Ss by the end of 2021. Based on Rivian’s production forecast, the Company expected to fill its 55,400 R1T and R1S backlog by the end of 2023. Rivian’s success depended on customers ultimately completing their purchases once Rivian’s EVs became available. Preorders for the R1T and R1S had grown to approximately 71,000 by December 15, 2021.
On March 1, 2022, Rivian announced that it was raising the prices of its R1T pickup and R1S SUV by 17% and 20%, respectively – and that these new prices would apply to nearly all preorders. As of March 1, Rivian had only produced and sold roughly 1,000 vehicles. As a result, Rivian’s share price fell almost 10%, closing at $61.91 on March 1, 2022. Since the IPO, the price of Rivian’s stock has fallen over 45%, closing as low as $42.28 per share on March 7, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than May 6, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased RIVN common stock, and/or would like to discuss your legal rights and options please visit Rivian Automotive, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
