SAN DIEGO, March 08, 2022 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP (www.JohnsonFistel.com) announces that a class action has been commenced on behalf of investors of Rivian Automotive, Inc. (NASDAQ: RIVN). The lawsuit is currently on behalf of a potential class of Rivian investors who purchased or acquired Rivian common stock pursuant to or traceable to Rivian’s Initial Public Offering (“IPO”) on November 10, 2021.
What actions may I take at this time? If you purchased or otherwise acquired Cabaletta securities during the Class Period, you have until May 6, 2022, to seek appointment as a lead plaintiff in the action. A lead plaintiff will act on behalf of all other class members in directing the lawsuit, including overseeing any case settlement.
If you suffered significant losses on your Class Period purchases, contact Johnson Fistel, LLP now to participate:
- Contact Lead Securities Analyst Jim Baker at jimb@johnsonfistel.com or (619) 814-4471
- Click [here] or paste the following web address into your browser to join:
https://www.cognitoforms.com/JohnsonFistel/RivianAutomotiveInc - For more information, visit our website at https://www.johnsonfistel.com/faq
There is no cost or obligation to you.
What are the allegations in the complaint? Rivian is an electric vehicle company that in 2018 unveiled its first consumer EVs, the R1T electric pickup truck, and the R1S electric SUV. On November 10, 2021, Rivian offered 153 million shares to the public through an IPO at $78.00 per share for total proceeds of $11.93 billion.
The complaint alleges that the Registration Statement's representations were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the R1T and R1S were underpriced to such a degree that Rivian would have to raise prices shortly after the IPO and that these price increases would tarnish Rivian’s reputation as a trustworthy and transparent company and would put a significant number of the existing backlog of 55,400 preorders along with future preorders in jeopardy of cancellation. As a result, the price of the Company's shares was artificially and materially inflated at the time of the Offering.
What if I have information relevant to the case? Individuals with nonpublic information regarding Cabaletta should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.
About Johnson Fistel, LLP. Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in securities class action and derivative lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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Contact:
Johnson Fistel, LLP
Jim Baker, Lead Securities Analyst
Telephone: (619) 814-4471
Email: jimb@johnsonfistel.com
